More analysts are recalibrating their expectations for Tesla Inc. after the company issued weak delivery numbers late last week, and one is wondering whether investor uncertainty about Tesla’s shares might start causing problem for the business.

“We are increasingly concerned about the impact that investor concerns over Tesla’s TSLA, -10.34% financial strength and forward-looking liquidity position could potentially have on employee morale, customer perceptions and standing with key stakeholders and suppliers,” he wrote. Jonas lowered his target price to $240 from $260 in a Monday note to clients.

Jonas was one of three analysts who lowered their targets on Tesla’s stock ahead of Monday’s trading session, though they had varying stances on the company’s near-term prospects. Jefferies analyst Philippe Houchois was the most upbeat of the bunch, cutting his target to $400 from $450 but maintaining a buy rating. Though he admitted that the latest delivery and mix numbers were disappointing, he said the “critical tests” will come in the next few months, as lower-priced Model 3s become available and “demand elasticity” becomes more apparent.

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Houchois is also encouraged by the formation of an “open pool” between Tesla and Fiat Chrysler Automobiles NV FCAU, -0.33% , through which FCA will be able to count Tesla vehicles as part of its fleet for the purpose of meeting new European Union emissions regulations. The arrangement “could generate several million dollars of cash income, possibly starting this year,” Houchois wrote, though exact details about FCA’s planned payments to Tesla are unknown.

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UBS analyst Colin Langan was struck by the sequential drop in deliveries “since production no longer seems to be the limiting factor.” He wrote that the early roll out of the standard Model 3, price cuts, and delivery decline likely suggest “slowing demand.” Langan doesn’t see an obvious positive catalyst for the shares in the immediate future and predicts that the company will have to raise capital by the fourth quarter, based on his revised model of free-cash burn.

Langan lowered his target to $200 from $220 and kept his sell rating on the shares.