Tesla CEO Elon Musk. AP Photo/Noah Berger Tesla's lackluster first-quarter results have some folks on Wall Street doubling down on their bearish outlook for the company.

In a scathing note sent to clients on Thursday, a team of equity analysts at UBS maintained its "sell" rating and $160 price target on the stock.

"We are lowering our 2017 estimate from -$2.90 to -$3.70 reflecting the Q1 miss and Q2 outlook (higher OpEx than forecast)," said the team, led by Colin Langan.

Currently, Tesla shares are trading at $296.64, meaning UBS's target is about 46% below the current level.

On Wednesday, the electric-car maker reported a wider-than-expected adjusted loss per share of $1.33 for its first quarter as it burned through $623 million. Wall Street was anticipating a loss of $0.81 a share.

The bank also highlighted two risks moving forward: the automaker's merger with SolarCity, and the possibility that the Model 3, which will begin production in 2017, won't churn a profit.

But UBS said that in the worst-case scenario, Tesla's shares would tumble to $43.

"The absolute downside for the TSLA stock is material as we believe any significant problems with the current or future products would likely cripple the company in the early stages of its growth," the bank said.

According to UBS, that scenario is contingent upon the firm selling only 500,000 vehicles in 2025 and operating margins of 8%, and solar sales of five gigawatt-hours and 10% margins.