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Tesla took a hit last week when it reported a wider-than-expected fourth-quarter loss. And shares are down again Monday, after Goldman Sachs slammed the brakes on the stock.

Goldman analyst David Tamberrino and his team downgraded Tesla (ticker: TSLA) from Neutral to Sell, and lowered their price target from $190 to $185 (including a $9 per-share increase to Tesla’s energy business from Solar City), nearly 25% below where the stock sits now.

Tamberrino still believes Tesla has a lead on peers in a number of ways, his “concerns are more near-term oriented with respect to operational execution on the Model 3 launch, an unproven solar business, and cash needs.”

Tesla shares are down 4.3% to $246 in recent trading following the report. While Tesla may still represent the future of driving, the road, at least this year, looks bumpy.

One big hope for investors is the debut of Tesla’s lower-priced Model 3, due to start production this summer. The stock has done well ahead of previous launches.

However, Tamberrino writes that he sees “a delayed launch…and free cash flow burn rate (necessitating a capital raise before the fourth quarter of 2017) to weigh on Tesla’s shares.”

A delay to the Model 3 launch would be problematic, as rivals General Motors (GM) and Ford (F) are moving in fast on the company’s electric and self-driving vehicles with their own offerings.

Moreover, a delay would hurt confidence in the brand at a time when bears are already circling: Tesla is the object of the biggest short in U.S. markets at the moment, worth nearly $9 billion, which amounts to “a serious amount of conviction” against the name.

Part of the issue is the likelihood that Tesla will need to raise more money, which others have predicted as well. Tamberrino estimates that Tesla will have $3 billion in automotive capital expenditures this year; with a free cash flow burn rate of $2.8 billion, that will require it to raise $1.7 billion equity in the third quarter.

While innovation requires risk, some are increasingly anxious about the rate of spending, especially as Tesla more than doubled its debt last year, to a hefty $5.8 billion.

Another challenge is Tesla’s acquisition of Solar City, completed in November. While clean energy, along with zero-emission cars, seem an essential part of the future, that doesn’t mean the timing is good near term. As Tamberrino argues, “the acquisition of SolarCity –which is undergoing its own business model transition – comes at a time when we believe Tesla should be singularly focused on becoming a mass automobile manufacturer,” a sentiment that other analysts have also echoed.

Tesla’s large and growing debt load, its limited history of being profitable (two quarters in its history), a triple-digit P/E multiple and uncertainty about the Model 3 rollout and Solar City business make it a risky bet. While Tesla may continue to shape our future, the stock’s near-term outlook warrants caution.

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