Barclays analyst Brian Johnson says Tesla's earnings beat last night comes with an "asterisk" given the much higher than expected $179M of zero-emission vehicle credits, which boosted earnings per share by $1, and cash flow being supported by improved deposits and sell-down of S/X inventory.

However, the conference call likely did not provide anything to shake the faith of the bulls, Johnson tells investors in a post-earnings research note titled "Quarter not as successful as rocket launch...but unlikely to change minds." The analyst notes that another key management departure was announced and that the $35,000 base version of the Model 3 won't be available until late 2018/early 2019. Johnson reiterates an Underweight rating on Tesla with a $210 price target, but adds he's not holding his breath for a "deserved pullback." Tesla in premarket trading is down $1.90 to $343.10.