“Tesla (TSLA) is detached from reality,” says one Tesla bear.“In a nutshell, Tesla is essentially a busted growth story. I know that sounds crazy to people looking at the stock,” Gordon Johnson, CEO and founding father of GLJ Analysis, instructed Yahoo Finance’s the First Commerce.Johnson has an $87 price goal on the stock by the tip of subsequent yr. (You learn that appropriately.)Tesla is “trading at more than double VW’s (VOW3.DE) market cap, yet VW sold 11 million cars last year. Tesla sold just under 370,000 cars last year, looking to sell roughly 500,000 cars this year,” stated Johnson.He notes that with out the electrical automobile firm’s credit score income gross sales, it might’ve misplaced about $300 million within the second quarter of this yr.“That’s essentially taxpayer incentives that they’re getting for selling credit revenues to other car companies, “ said Johnson.“The problem is all of those car companies are now selling electric cars, and Tesla is guiding their credit revenue sales to be down 50% in the back half of this year.”“Their core business is loss-making,” he added.Johnson factors to home gross sales and U.S. gross margins which “peaked in the fourth quarter of ‘18,” and notes the China progress story touted by some analysts isn’t that spectacular.“The reality is in the month of July they sold about 11.4 thousand cars in China. They produced about 12.2 [thousand] so they actually built inventory, and that’s despite a price cuts globally this year, four of which were in China,” stated Johnson.“We think reality is much different than what is being pumped out there and we think the stock price is driving analyst opinions which is the buffounding to us, versus reality,” he added.Tesla has made heads spin and despatched analysts racing to re-rate over the past a number of months.12 months-to-date the stock is up about 385%. Shares will begin buying and selling on a split-adjusted foundation on August 31st as introduced earlier this month.The stocks valuation in current weeks has been referred to as “mind-boggling” by one analyst.In July one in all Tesla’s greatest bulls noticed the stock headed to $2,322.Wedbush’s bull Dan Ives lately raised his price goal to $1,900. He instructed Yahoo Finance Tesla “is a tech company, not an automobile company,” pointing to the upcoming Battery Day subsequent month.However Johnson is sticking to his bearish name, with a just-wait-and-see perspective.“The real data doesn’t match up. We think once that matches up, you’re going to have selling which we think will drive the stock lower,” he added.Ines covers the U.S. stock market. Comply with her on Twitter at @ines_ferreBearish Tesla analyst explains why shares may surge to $2,070NIO share price displays ‘over-optimism’: GoldmanWhy Nikola shares ‘look engaging’ long-term: JPMorgan analystTesla’s most bullish analyst units a Street-high price goal of $2,322Comply with Yahoo Finance on Twitter, Fb, Instagram, Flipboard, LinkedIn, and reddit.