What happened

Shares of electric-car maker Tesla (NASDAQ:TSLA) took a hit on Friday, declining as much as 6.5%. As of 12:30 p.m. EDT, however, the stock was down about 5%.

The stock's pullback is likely primarily due to a decline in the overall market on Friday. But one bearish analyst report may have affected the stock as well.

Tesla's Model S, 3, X, and Y

Image source: Tesla.

So what

Capturing bearish sentiment in the overall market on Friday, the S&P 500 was down 2.8% at the time of this writing. The market's move lower follows a three-day winning streak for the S&P 500. Of course, that index is still down 25% from Feb. 19, reflecting concerns about the coronavirus pandemic.

The most bearish Tesla analyst on the Street, GLJ Research's Gordon Johnson, reiterated a sell rating for the stock on Friday, noting that the company will likely report negative free cash flow of $1.6 billion as deliveries take a hit in Q1. The analyst has a $58 12-month price target for the stock.

Meanwhile, New Street analyst Pierre Ferragu upgraded the stock from a neutral to a buy rating. In addition, Piper Sandler analyst Alexander Potter lowered his firm's price target on the stock from $928 to $820 but said shares should be bought following the stock's recent weakness.

Now what

Investors will get some insight into Tesla's recent performance when the company reports its first-quarter deliveries next week. The automaker will report deliveries for the quarter sometime between April 1 and April 3.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.