Tony Sacconaghi continues to be a thorn in Elon Musk's side.

The Bernstein analyst, who was famously the object of much scorn directed from the Tesla Inc.'s CEO during the company's latest earnings call, is back with a bearish note, saying Monday, May 21, that the electric carmaker is unlikely to achieve positive net income or free cash flow this year. 

Sacconaghi said he remains concerned about the company's ability to deliver on Model 3 gross margin targets, leading him to be concerned about the viability of the company's plan to increase revenue by more than 70% and operating expenditure by 10% to 12% this year.

The analyst said he was concerned that Tesla won't be able to reach those goals without risking significant shortfalls in customer service or compromising future growth and infrastructure. 

Berstein maintained its market perform rating on Tesla with a $265 price target. The price target represents a potential downside of 7% from the stock's previous closing price.

Tesla shares were up 1.42% to $280.75 in premarket trading on Monday. 

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