As previously reported, Evercore ISI analyst George Galliers downgraded Tesla to In Line from Outperform citing a more cautious view on Model 3 production.

While he said he remains positive on Tesla as a company, Galliers added that "clearly" Q3 production was weaker than Tesla expected and at this point, he has little insight into how production is running.

Galliers cut his Model 3 delivery forecasts for this year, 2018, 2019 and 2020 and lowered his automotive revenue forecasts accordingly, lowering his price target on Tesla shares to $312 from $330.