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Wall Street finally got to see all the details of the Tesla Model 3 during the car's launch event Friday.
So far investors have given it the thumbs down with the electric car maker's shares down more than 2 percent midday Monday.
"We believe the Model 3 was as good as or better than expected, and pricing was as expected with considerable initial upsell. That said, the rubber now hits the road, and the fundamental questions remain unanswered," Bernstein's Toni Sacconaghi wrote in a note to clients Monday. "CEO Elon Musk sounds increasingly squeamish about the production ramp."
The analyst cited how the $35,000 Model 3 car will not be available until early 2018 with only a higher-priced $49,000 model available this year. He also noted Musk's comment to employees to prepare for "production hell."
Sacconaghi reiterated his market perform rating on Tesla shares and his $265 price target, representing 21 percent downside to Friday's close.
"Tesla's Model 3 margins will clearly be strained initially, particularly given the company's huge cap ex ramp, hence its focus on higher priced offerings, only domestic deliveries, and cash and loan sales only," he wrote.
Tesla did not immediately respond to a request for comment. Its shares have rallied 57 percent this year through Friday versus the S&P 500's 10.4 percent return.
— CNBC's Michael Bloom contributed to this story.