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The downward pressure on shares of electric automaker Tesla continued Wednesday as yet another analyst painted a bleak picture of the company’s future even as its CEO tried to support the stock by acquiring shares.

Tesla stock (TSLA) closed down 6% in Wednesday trading, to $192.73 per share, compared to a 0.3% loss for the S&P 500.

Citi Research analyst Itay Michaeli on Wednesday maintained a Sell rating on Tesla stock, while lowering his price target from $238 to $191, below FactSet’s $290 average.

It’s been a busy week for Tesla bears. Michaeli’s bear case for Tesla stock—$36 per share, more than 80% below current prices—followed another analyst’s take on Tuesday that Tesla stock could plummet to $10 under a worst-case bear scenario. And on Monday, an analyst warned of a “code red” situation for Tesla.

“The risk/reward still appears negatively skewed despite the recent capital raise and stock pullback, mainly on lingering demand/free cash flow concerns,” Michaeli wrote Wednesday, citing reports of intense cost management, price cuts, and a reliance on Chinese sales to sustain growth.

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Shares of Tesla are down about 6% this week. As that’s happened, CEO Elon Musk decided to dig in further. On Monday, according to an SEC filing, he acquired 175,000 shares by exercising options with a $31.17 strike price. The options were connected to his 2012 compensation agreement and had been set to expire in 2022. The transaction brings his ownership to 34.1 million shares. Musk pointed out in the filing that he paid the exercise price in cash and that the transaction generated a tax bill of about $20.4 million.

That follows a $25 million purchase of Tesla shares by Musk in connection with the company’s recent fundraising actions.

On Wednesday, Bank of America Merrill Lynch analyst John Murphy, who has an Underperform rating and a $225 price target on the shares, said that even recent good news hasn’t been enough to reassure him.

“Tesla’s $2.7 billion capital raise, along with a $500 million-plus Chinese bank loan, and potential cash from incoming Model Y reservations, are good steps that could put liquidity concerns about Tesla to rest (for now) and buy additional time for the company,” he wrote. “However, Tesla‘s pathway to becoming a self-funding entity is still unclear. As such, we continue to question Tesla’s longer-term profitability, cash flow, and valuation.”

Email David Marino-Nachison at david.marino-nachison@barrons.com. Follow him at @marinonachison and follow Barron’s Next at @barronsnext.