Tesla analysts are piling on after disappointing delivery numbers sent the stock plunging

Rating: Underweight

Price target: $200 (prior $215)

"Tesla's 1Q19 vehicle production & deliveries report was substantially worse than expected," analysts led by Ryan Brinkman told clients Thursday.

The firm drew five conclusions from the delivery figures.

1. Total deliveries of 63,000 missed the analysts' expectation for 70,500, and suggested "materially less 1Q revenue, margin, and free cash flow."

2. Vehicles in transit by quarter-end implied underlying domestic demand has fallen.

3. Similarly, a decline in higher-priced Model S and Model X deliveries — totaling 12,000 between them for the first quarter — again suggests slowing demand unrelated to "temporary delivery difficulties."

4. Tesla's reaffirmation that it would deliver between 360,000 and 400,000 vehicles this year "appears to clarify official guidance has in fact all along remained at 360-400k," undermining Musk's legal defense that he had not provided new information in his February tweet saying production would be 500,000 vehicles.

5. The clear difference between Musk's outlook and the company's official guidance "may hurt the perception of management commentary, eroding investor confidence and potentially placing additional pressures on the shares."

Rating: Underperform

Price target: $210

Analyst Joseph Spak said the delivery numbers were "disappointing across the boards," and estimated the results could translate into a revenue miss of $1 billion or more.

Specifically, Model S and Model X deliveries falling short of the firm's expectations was "very disappointing," and the lowest figure since the third quarter of 2015 when "it was effectively all Model S," Spak wrote.

He added: "To us, this signals that the tax subsidy cut in the US was a significant hit to these premium vehicles and/or Model 3 is having a bigger cannibalization impact. Either is a problem, in our view."

Rating: Outperform

Price target: $437

"TSLA deliveries disappointed as the company indicated significant volumes were in transit to China and the EU," analysts led by Colin Rusch told clients on Wednesday. "Of note, Model S/X deliveries fell far short of expectations, which we believe will add fuel to bear arguments about peak demand for those vehicles."

The firm remained positive on the stock, however, and said Model 3 demand around the world was robust "as sell-in to new geographies looks still to be in early stages."

Rating: $365

Price target: Outperform

"While the Street was expecting a soft quarter given there were a number of wildcards around European logistics and US demand, overall we would characterize this quarter's delivery metrics as a C-," analyst Dan Ives told clients in a note on Thursday.

He added: "This was a disappointing performance by Tesla as the company missed the Street's delivery numbers by 13%."

Ives said one bright spot the bulls could focus on was that Model 3 deliveries came in "within the area code of Street expectations."

Tesla said it delivered 50,900 Model 3 vehicles, missing Wall Street's expectations of 52,450, a miss Ives categorized as "better than feared."