Over the past year, Craig Irwin has listed something that happens incrementally with Tesla shares: they do not trade as they used to.
"We note a fundamental change in the construction of the Tesla share," Irwin, an analyst at Roth Capital Partners, an investment company in Newport Beach, California, wrote a statement to investors last Friday.
Irwin's comments came after Tesla's Model Y reveals at the company's design studio in Hawthorne, California, on Thursday night.
"In recent years, Tesla's share has behaved like a growing growth company, where mgmt can invent its own milestones, meet and the log would perform positively," writes Irwin.
"Investors have now moved appropriately to focus on volumes, margins and a practical assessment of the addressable market, in our opinion."
In other words, shares of the electric car manufacturer ̵
The change Irwin has noted how the log reacts to the development around the company has been more pronounced since model 3 production Read more: Elon Musk presented only Tesla's newest car, Model Y SUV
More Generally, Irwin thinks there is "clearly a big market" for M odel 3, and probably one for model Y. But he said the message seemed to be hampered by more aggressive expectations, and car prices seemed to be "too high".
The cheapest version of model Y is set to arrive in 2021, at a starting price of $ 39,000. Three more expensive versions of the vehicle start at between $ 47,000 and $ 60,000 and are scheduled to begin shipping by 2020.
This week's model Y unveiling comes in chaotic time for the company. Automaker is facing what analysts say is a demand problem, and CEO Elon Musk is struggling with the Securities and Exchange Commission.
Read more: Tesla is in the "demand hell" before his Model Y disclosure, Wall Street's greatest bear says
In a recent conversation with journalists, Musk said Tesla unlikely would not make a profit in the first quarter, a return from its previous expectations.
Tesla shares were under pressure on Friday and lost 5% after the launch of the Model Y sub-Wall Street analyst. That sale sent stocks to a week of $ 274.40. They have now fallen 29% from the summit in August – reached the day for CEO Elon Musks infamous "funding secured" tweet.
Irwin has a "neutral" rating and a 12 month price target of $ 270 – about 2% below where stocks traded on Friday.
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