(NASDAQ: TSLA) released its production and delivery numbers for the first quarter on April 2, which fell short of already low expectations. Despite the fact shares are already down about 60% from their previous peak, analysts at Bernstein believe the stock could have even more downside.

The firm sees weak vehicle deliveries putting pressure on Tesla's profits this year. Bernstein has an underperform rating on the stock and kept its Mar. 26 price target of $120, or 29% below the current share price of about $170.

Tesla's Q1 vehicle deliveries of 386,810 came in significantly below the analyst consensus of 443,000. The reaction to the company's update has been widely negative on Wall Street, but Tesla executives had previously cautioned investors about a slow year ahead. CEO Elon Musk has been warning investors since last year about the impact of rising interest rates on vehicle sales, since most car buyers finance their purchase with monthly payments.

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Source Fool.com