Analysts were unimpressed after Tesla CEO Elon Musk announced a cheaper Model 3.

Shares of the company tanked more than 8 percent at one point Friday morning. Investors also reacted to Musk's comments on Thursday that it wouldn't be profitable in the first quarter.

Barclays analyst Brian Johnson probably had the coldest reaction, calling it the "un-iPhone moment."

Morgan Stanley analyst Adam Jonas also seemed skeptical, saying: "While this may stabilize the air-pocket in Q1 sales, we're concerned it's a sign of a brand that may be, at the margin, losing its halo of exclusivity."

"We think the bears have more material to work with than bulls here," Jonas added.

Here's what the analysts had to say: