Electric vehicle (EV) leader (NASDAQ: TSLA) just released its first-quarter production and sales data, and investors were shocked -- not in a good way. In response, one of the more negative voices for Tesla stock from Wall Street just got even more bearish.

JPMorgan analyst Ryan Brinkman reiterated his firm's "sell" rating on the stock but lowered his price target from $130 to $115 per share, or 31% lower than where Tesla tades as of this writing. And that's after the stock had already plunged 29% year to date in the lead-up to the first-quarter update.

Tesla delivered just 387,000 EVs in the first quarter, which was considerably less than even the lowest estimates. While the analyst's price target for Tesla stock is already well below recent levels, his note warned it "could fall much further still" if Tesla doesn't quickly boost volume and sales growth.

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Source Fool.com