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With so much competition in the electric car industry, Tesla's stock will drop to $84 by the end of next year, Vertical Research Group analyst Gordon Johnson said. Vertical issued a sell rating on the stock earlier this week.
Johnson said competition concerns and disappointing delivery expectations are hindering the company.
"The real issue we have with Tesla is competition," he said.
In 2017 the "first non-Tesla, 100 percent battery electric ... car capable of 200 miles hit the market: the Chevy Bolt," said Johnson, adding four more electric vehicles are set for release this year.
"Through 2022, we count 101 [more electric vehicles coming to market]," he said. "Big competition coming."
Meanwhile, Tesla said sales would increase more than 60 percent in the first half of 2017. But Gordon said the company's sales rose by only 6 percent. Sales growth in the U.S. year over year increased just 3 percent.
"Time and time again [Telsa has] targeted production numbers that they haven't hit," Johnson said.
In 2014, Tesla CEO Elon Musk said that in 2015 Tesla would produce 60,000 of its midsize, all-electric Model X luxury vehicles, but it produced only 208. The company also said it would make about 1,600 Model 3 automobiles during 2017's third quarter, but it made about 200.
The company will need to raise money in the coming year, Johnson said, in order to increase production numbers.
But on Wednesday, Reuters reported that the company is targeting November 2019 for the release of the Model Y, a sport utility vehicle, with production in China to begin two years later.
Tesla could not be reached for comment.