In their latest report which included the results of their owner survey, the Bernstein team said they remain bullish on the broader EV market in the long term, and they feel Tesla has several key advantages. However, they advise investors not to "chase" Tesla stock at current levels based on the problems they have identified in terms of execution around the Model 3 launch. They're concerned that the automaker might have trouble producing the Model 3 at "good margins" and with "good quality."