(Bloomberg) -- Tesla Inc. shares closed down 3.6% on Wednesday after analysts expressed skepticism about chief executive Elon Musk’s latest claim that the company’s sales in the second quarter could touch record levels.

The electric vehicle maker’s annual meeting Tuesday did not have much “new news,” Cowen said, while Wedbush said the company is now facing a “fork in the road scenario.”

Here’s a round up of the initial analyst comments after the meeting.

Cowen, Jeffrey Osborne

“Shares have rallied into this event thinking there would be ‘new’ news; however, comments were largely in line with prior statements with a few oddities thrown in.”

“Other than highlighting profitability in second half of 2018 which benefited from a great deal of pent up high price Model 3 demand and regulatory credit sales, there was no discussion of ongoing profit trends or an update of financial guidance for the quarter or the year.”

“Musk claims that sales have far exceeded production, but the data doesn’t suggest that.”

Maintained underperform rating, price target $140.

Wedbush, Daniel Ives

“We continue to believe in the near term Musk and Tesla are facing a ‘fork in the road scenario’ with Model 3 demand which we note Musk commented there was not a demand issue, sales are exceeding production, and about 90% are coming from non-reservation holders (new customers).”

“Tesla needs a significant rebound in Model 3 deliveries this quarter as well as into the back half of 2019 for the company to provide sustained profitability, which remains a hot button issue of the Street in light of the softness seen in the March quarter and the recent capital raise.”

Maintained neutral, price target $230.

Baird, Ben Kallo

“The annual meeting was a positive step toward rebuilding credibility.”

“We think there are several catalysts upcoming which could create a challenging short environment, and think covering over the next weeks and months could provide an incremental buyer.”

“Tesla could be cash flow positive in second quarter and expect cash generation to improve over the course of the year.”

Maintained outperform, price target $340.

(Updates shares in first paragraph.)

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