"This piece is far more negative than people realize because they're really talking about the production being much lower," Cramer said on "Squawk on the Street."
Earlier Friday, the bank downgraded the Elon Musk-run company to "underweight" from "equal weight," for reasons including a lower-than-expected boost from the Model X rollout last week.
"Launch events typically generate a run-up into the event, with some payback after. Yet last week's X launch failed to boost the shares — indicating a lack of 'story'-driven buying support," the bank said in a note.
Barclays also cut its price target from $190 a share to $180. Tesla's stock was down 2.5 percent Friday morning.