UBS analyst Joseph Spak reiterated his twelve-month Sell rating on Tesla shares on Monday, voicing considerable concern on the near-term demand outlook for the Model 3 and Model Y. He slashed his price target on Tesla to $225 from $259.

Tesla stock has been struggling lately. Investors have hoped for a bounce as some of the politics driving increased uncertainty among investor uncertainty subside. A rebound, however, didn’t materialize Monday as investors considered the possibility of a recession and a Wall Street analyst cut his forecast of deliveries.