Tough start to the week for Tesla (TSLA) fanboys.
Shares of the electric car maker fell 2.7% to $315.88 in Tuesday trading as long-time Tesla bull Adam Jonas of Morgan Stanley downgraded his rating to equal weight. The analyst also hiked his 2017 cash burn estimate on Tesla to $3.1 billion from $2.3 billion, and sees the company inking losses until late 2019.
Jonas also believes there is heightneed risk from two major tech players.
Meanwhile, Goldman Sachs analyst David Tamberrino cut his second quarter deliveries estimate on Tesla by 1,000 on possible demand pull-forward in China. The analyst reiterated his sell rating and $190 price target.
Tesla shares had risen about 52% year to date, outperforming Apple (+35%) and Amazon (+28%).
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