Tesla, Inc. (NASDAQ: TSLA) fell Tuesday, reaching a low of day of $373.57 as Jefferies analyst, Philippe Houchois downgraded Tesla, giving the company an “under-perfor” rating.

“Achievements to-date and vision are impressive, but we don’t think Tesla’s vertically integrated business model can be scaled up as profitably and quickly as consensus thinks and valuation multiples imply,” Houchois warned in a research note.

Houchois gave the electric automaker a $280 price target that is well below average analyst price target of $337.50.  Investor confidence has been on the rise in the past year for Tesla as the stock is up over 80 percent which set a record high for the stock of $389.61.

Although Tesla has pushed for aggressive production targets of their automated vehicles, Elon Musk may be using more cash than the company generating.