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Tesla Motors Inc. was downgraded to underweight from neutral at J.P. Morgan after the electric carmaker reported weaker-than-expected fourth-quarter results.

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Analyst Ryan Brinkman, who also cut his price target on the stock to US$175 from US$180, told clients that there is no evidence of the sharp rebound in execution he was hoping for following production challenges in Q3.

He noted that much of the Q4 miss was blamed on delivery timing due to factors such as customers being on vacation, harsh winter weather and year-end shipping problems. However, the analyst also pointed out that this was driven by continued production challenges, which caused assembly to be back-end weighted.

Tesla shares were down almost 9% at US$193.99 Thursday before the bell.