Shares of electric car maker Tesla, Inc. (TSLA) could see a significant decline of 40% within the next six months, according to an analyst from Goldman Sachs. David Tamberrino, the Goldman analyst, stated in a note today that the research firm was maintaining its "cautious outlook" regarding Tesla's capabilities in ramping up production for the Model 3.

Tesla reported yesterday that it had delivered just 220 Model 3 cars as opposed to the 1,500 cars it had originally planned. The company's stock price dipped in after-hours trading. (See also: Why Tesla's Investors Shouldn't Worry, Really!)

"We believe this likely puts downward risk to the company's communicated S-curve to the Model 3 production ramp," wrote Tamberrino. He revised his six-month price target for Tesla's shares to $210 from the earlier $200. As of this writing, the Palo Alto, California-based company's shares are trading at $348.14, up 6% from the day's start. Tamberrino is a well known Tesla bear mainly on account of "downside potential" for the Model 3 launch. He has also cited declining auto margins and cash burn (in Model 3 production) as reasons for his bearish case. (See also: Tesla Only Worth Half Its Share Price: Goldman.)

Even as Tamberrino was making a case to sell Tesla shares, Morgan Stanley analyst Adam Jonas came out with a note making a bull case to buy the stock. According to Jonas, positive delivery figures for the company's other car brands – Model S and Model X – point to an 11% gain on overall delivery figures for this quarter. However, the Morgan Stanley analyst also acknowledged that Tesla's disappointing Model 3 delivery figures offset the Model S and Model X figures.

"Tesla cited 'production bottlenecks' and emphasized that there were no 'fundamental issues' with production or supply chain," Jonas wrote. In other words, this was not a problem that the company could not fix. In his note, Jonas advised investors buy Tesla on the dip, stating that "a significant degree of Model 3 success may be discounted in Tesla's share price, and we reiterate our (equal weight) rating and investment thesis." (See also: Tesla to Rise 50% – If Nothing Goes Wrong: Morgan Stanley.)

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.