Tesla Motors shares jumped 6% on Monday following the news that the car maker is expected to unveil its storage batteries on April 30. Though many are bullish on this new line of revenue for Tesla, there are analysts who cite the technical and fundamentals for not being so enthusiastic about it, says a report from CNBC.

Will Tesla Motors Inc Stock Continue Moving Up?

Not all bullish on Tesla

Commenting on the prospects for Tesla, Deutsche Bank analyst Rod Lache stated that the stationary storage batteries would raise the earnings by $5 per share by 2020, which would be roughly $100 per share in value. Lache wrote that the initial “work on the economics of Stationary Storage, we believe that this has potential to be more significant than the Street expects.”

In contrast to Lache, there were some on Wall Street who are not so bullish on Tesla. Erin Gibbs, equity chief investment officer at S&P Investment Advisory Services, believes that the company’s stock is already fully valued, adding that the stock is already 400 times its forward earnings estimates. Supporting her stance, Gibbs noted that the estimates for the EV maker have come down by a whopping 83% in just four months, i.e., from $2.81 to 48 cents for 2015. Further, the analyst noted that the stock is also close to its consensus price target of $267 per share.

Not much left based on technical, options markets

Todd Gordon, founder of TradingAnalysis.com, expects short sellers to get squeezed around the current levels, and believes the stock will hit a resistance somewhere near Wall Street’s consensus price target.

“There’s a lot of wood to chop around the $265 level,” he said. “That was the high back in early 2014.” The expert further notes that the options market suggest a slightly lower target. Gordon notes that the market suggests a move of around $20, so the price target based on options is $255, while on the basis of technicals, it is $265. “Above there and I’m interested. But in the near term, it has a lot to prove,” Gordon noted.

On Tuesday, Tesla Motors shares closed down 0.46% at $230.48, while year to date, the stock is up by almost 4%.