Tesla Motors released its latest earnings report last week, beating estimates but cutting its delivery guidance at the same time. That sent the EV manufacturer’s shares into a downward spiral, and analysts had plenty to say about the earnings report.

Tesla Motors Inc (TSLA) Price Target Trimmed Post-Earnings

While most firms did not make changes to their price targets for Tesla, a few did, including FBN Securities analyst Shebly Seyrafi.

Tesla (TSLA) to begin Model X deliveries

Investors and fans alike have been anticipating the release of the Model X for some time, and Tesla management confirmed plans to begin deliveries in the next month or two. The automaker cut its delivery guidance for this year from 55,000 to between 50,000 and 55,000 because of uncertainty about its suppliers being able to deliver enough parts to meet the previous delivery expectations.

The beginning of production and deliveries of the Model X is especially creating questions about execution. The crossover vehicle should help Tesla boost sales, and Seyrafi is expecting non-leased Model X units of 500 in the third quarter and 6,500 in the fourth quarter.

By next year, he expects Tesla to record 34.5 million units of the crossover vehicles, which seems pretty steep considering that the automaker has yet to come close to crossing over the 1 million unit delivery mark in a year. Nonetheless, if Tesla can boost vehicle production, the Model X should help boost the automaker’s sales as currently it remains production constrained.

Tesla (TSLA) price target to $300

The FBN analyst trimmed his price target for Tesla from $325 to $300 per share. In addition to the Model X launch, he also noted that Asia sales are beginning to pick up. Tesla has been dealing with underperformance in China, although orders for the Model S in Asia almost doubled between the first and second quarters of this year. The EV manufacturer shifted sales strategies in China, which has likely been the main driver of the sequential sales increase.

As of this writing, shares of Tesla Motors were down 1.65% at $238.50 per share just minutes before the markets opened in New York this morning.