There are a lot of Tesla and Elon Musk-believers out there.
But Cowen isn't one of them.
Today the firm initiated coverage on the stock with an underperform rating. The firm's bearish stance stems from concerns over execution and the belief that Tesla will need to raise additional capital next year.
Tesla shares are already down 18% this year -- and Cowen's $160 price target means the firm sees another 20% downside ahead.
It isn't all road blocks, however.
Analyst Jeffrey Osborne believes Tesla has a long-term vision, but that the near-term issues make the risk/reward unfavorable for now.
"The company [Tesla], while fundamentally well positioned for the long term, has a material amount of execution risk over the next 12 to 18 months," Osborne wrote in his research note Thursday morning.
He joined the "Halftime Report" to discuss his call.