Citigroup analysts raised its price target on electric vehicle manufacturer, Tesla (NASDAQ: TSLA). Despite the price target increase, the firm still remains rather bearish on the stock due to its “unattractive risk/reward,” according to MarketWatch.

Citi analyst Itay Michaeli raised his price target on Tesla’s stock to USD 222.00 from USD 191.00 per share. Even though Michaeli raised his price target, his revised target still represents a 34% downfall from Tuesday’s closing price of USD 336.20 per share.

Michaeli said his target and "sell/high risk" rating, balances Tesla's "strong brand and secular exposures with the risks from operating execution, incoming competition and balance-sheet positioning."

On the other hand, Michaeli said the demands for Tesla remains mixed because there hasn't been "convincing evidence" supporting a strong demand outlook for the Model Y vehicles, concerns over Tesla's ability to sustain profitability remains a question, and he's still unconvinced on the Tesla RoboTaxi AV story.

"Though Tesla shares have underperformed this year, the recent rally seems overdone, in our view, leaving the risk/reward skewed negatively," Michaeli wrote in a note to clients.

While analysts remain rather skeptical about the demand output for Tesla’s Model Y, the Company’s Cybertruck has received a significant amount of preorders since its reveal.

Tesla Chief Executive Officer Elon Musk unveiled the futuristic-looking Cybertruck last month. Just days after the reveal, Musk tweeted “200k,” then two days later he tweeted “250k.” Musk’s tweets indicate that Tesla received over 250k in pre-orders for its Cybertruck at the time.