'It comes down to execution': Here's what Wall Street is saying about Tesla (TSLA)

Tesla reported a smaller than expected loss on Wednesday afternoon, just three days after the much anticipated launch of its luxury Model 3 sedan, which it says 455,000 people have pre-ordered.

The electric-car maker lost an adjusted $1.33 per share on revenue of $2.79 billion. Analysts had forecast a loss of $1.88 per share on $2.51 billion in revenue, according to Bloomberg.

In total, Tesla burned through $1.16 billion in cash last quarter, up $44 million from the previous year.

Tesla’s stock jumped 6% on the earnings beat, opening Thursday at $345.33. But many analysts aren’t convinced the company can keep the price that high.

Here’s a wrap of some of their commentary:

JPMorgan: BEARISH

Rating: Underweight

Price Target: $200 (previously $190)

Comment: “We continue to think that execution risk remains elevated relative to the ramp of production; we are, however, raising our estimates and price target, including on the flow-through of 2Q’s stronger margin trend to quarters beyond 3Q, in part because of management’s strong outlook for 2018 Model 3 margin, as we believe they should have a good handle on component costs, etc., at this late stage in the vehicle’s development, although we remain cautious on the stock overall.”

Oppenheimer: NEUTRAL

Rating: Perform

PriceTarget: N/A

Comment: “The long-term thesis on TSLA depends on the successful launch of fully autonomous vehicles, but limited information is available on the progress being made nor on testing results for Level 3-5 autonomy.”

“We believe bullish investors will be patient on earnings leverage and are more concerned about steady progress toward fully autonomous vehicles and transforming the transportation market.”

RBC Capital Markets: NEUTRAL

Rating: Hold (Sector Perform)

Price Target: $345 (previously $314)

Comment: “What TSLA has accomplished is extremely impressive, but stock discounts that a lot goes perfectly and smoothly for a very long time … Mid-to-long term success depends on TSLA maintaining great brand which increasingly depends on autonomous, not electrification.”

“Tesla is essentially learning how to become a manufacturing company on the fly. While we don’t have meaningful reason to doubt that Tesla can eventually achieve its targets, doing so in a timely manner without some growing pains could prove challenging. Failure to hit near-term objectives may not impact the long-term view but could hold back the stock or provide a more favorable risk/reward entry point.”