Wall Street research firm Cowen lowered its price target on Tesla (TSLA) - Get Report yet again on Tuesday amid what it sees as a "lower-demand picture" for the electric carmaker's Model 3 sedan coming into focus.

In a note to clients, Cowen analyst Jeffrey Osborne lowered his 12-month price target on Tesla shares to $140 from $150, citing lower demand for the Model 3. The cut follows several other stock price target cuts from the analyst, who two months ago had a 12-month target of $200.

"Tesla's stock price is beginning to reflect the lower-demand picture in 2020 that we have been forecasting for some time," Osborne wrote, noting that while production and sales estimates have steadily come down for 2020, "the rich multiple Tesla commands compared to automotive peers has remained.

"We see more room for downside to 2020 estimates as the steady state of demand becomes evident in 3Q19 when the backlog of the lower priced standard range plus Model 3 is exhausted in Europe and China, where orders did not begin until last month," he said.

Osborne hasn't been shy about his downbeat expectations for Tesla. The analyst earlier this month poo-pooed Tesla's most recent $2.7 billion capital raise, noting that while the cash is "badly needed" to cover capital expenditures, meet debt obligations and offset cash burn associated with lower-than-planned volume and margins on the Model 3 its not enough to turn pivot the company away from losses.  

Shares of Tesla closed down 1.01% to $188.70 on the Nasdaq Stock Market Tuesday. The stock has fallen roughly 30% year to date.