The shares dropped more 4.5 percent in trading Friday.
"Overall, we found the event somewhat underwhelming with no major surprises," Deutsche Bank's Emmanuel Rosner said in a note.
The Model Y will use about 75 percent of the same parts as Tesla's low-cost Model 3, CEO Elon Musk said. That makes the Model Y "likely to cannibalize the Model 3," Morgan Stanley analyst Adam Jonas said.
Cowen analyst Jeffrey Osborne also said the "Model Y reveal underwhelmed us," especially since "the night held no surprises." Osborne said investors were looking for a refresh to the Model S and Model X lines, new software or even details on how Tesla's first quarter is going.
"We remain concerned about the manufacturing timeline," Bernstein's Toni Sacconaghi said of the Model Y. "Last night's unveiling essentially reaffirmed Tesla's target of 'volume' production by the end of 2020."
A few analysts stuck to bullish sentiment on Tesla as a whole, exemplified by Baird's Ben Kallo, who said his firm continues "to like TSLA into the Q1 delivery release, as we think the negative sentiment on Model 3 demand and Q1 deliveries is overblown."
Here's what all the major analysts said about Tesla's Model Y unveiling: