Sell Tesla? Well that is at least what one major analysts thinks. To sell Tesla or not to sell Tesla is a question that has been asked by investors in this stock for over a year.

Tesla shares are down 3% Monday, after Goldman Sachs reiterated its sell rating on the stock and said quarter-to-date datapoints suggest the company’s first-quarter deliveries will be disappointing.

“We believe the company is tracking below its 2018 Model S/X guidance of approx. 100k units (an implied 25,000 per quarter),” analysts led by David Tamberrino wrote in a note. “Further, while monthly Model 3 deliveries are showing sequential improvement, we estimate that they will fall well short of consensus expectations.”

Overall, Goldman is expecting a slow ramp for the Model 3, the company’s mass market sedan, and expects shares to “de-rate” as targets are pushed out. Shares have gained 23% in the last 12 months, while the S&P 500 has gained 16%.

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