This bearish analysis follows a high profile price cut from Wedbush earlier in the week.
Wedbush analyst Daniel Ives cut his price target on the clean-energy carmaker to $230 from $275.
Analysts also dug into the company's path to profitability, the company's new CFO and the many other projects that Tesla has undertaken.
When speaking with TheStreet's Katherine Ross Monday, Jim Cramer pointed out how Tesla bulls may have reacted to the Wedbush note.
"The bulls and Tesla don't care about anything but Elon Musk, and Elon Musk is in there...this thing can go to zero and the bulls will love it, I mean, it just doesn't matter. They are unshakeable," Cramer said.
"They will just say, you know what, this is a temporary blip. And, um, if you read the Wedbush piece, which they will not, they'll just think the Wedbush guy is now owned by the bears," Cramer added.