Tesla's (TSLA) - Get Tesla Inc Report  is now expected to raise capital in the third quarter of 2018 instead of the first quarter of 2018, Goldman Sachs analysts said, which could drive earnings slightly lower.

Meetings with Tesla's VP of investor relations Aaron Chew earlier this month revolved primarily around the company's Model 3 production ramp, gross margin expectations, new products and cash generation goals, Goldman analyst David Tamberrino said.

The company remains optimistic on future launches, but was "more balanced on whether positive FCF generation will be achieved in the next 18 months," Tamberrino wrote.

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Tamberrino rates Tesla as "sell," with a $200 price target that implies about a 42% downside for the stock from its Friday closing price. Tesla shares traded down 1.9% to $341.30 Monday morning.

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