Tesla shares may begin to see a reversal within the fourth quarter after an enormous rally this 12 months, because the “flaws within the development story” start to point out, based on one main bear. Barclays auto analyst Brian Johnson, who put a $300 price goal on Tesla in February, questioned the outlook for the electrical carmaker, regardless of the corporate posting second-quarter earnings that beat market expectations. First, he mentioned that whereas Tesla CEO Elon Musk has promised “industry-leading” margins, based on its earnings outcomes launched Wednesday, that isn’t prone to occur.”That is clearly not what he (Musk) goes to do, he’s attempting to do income development,” Johnson instructed CNBC’s “Street Indicators Asia.”The analyst then went on to say that if gross sales of Tesla’s Model Three sedans produced in China had been stripped out, income from its “Fremont manufacturing unit really seem like down 30%.”Lastly, Johnson mentioned that gross sales of the Model Y crossover SUV, which began being delivered to clients in March, may eat into gross sales of the Model 3.SpaceX proprietor and Tesla CEO Elon Musk gestures throughout a dialog on the E3 gaming conference in Los Angeles, June 13, 2019.Mike Blake | Reuters”In some unspecified time in the future we predict that the expansion narrative may come undone. That shall be maybe nearer to second half or 4Q when it turns into obvious that Model Y is likely to be cannibalizing Model Three gross sales and after we see simply what the run charge of demand for Model Three actually is,” Johnson mentioned.Tesla’s share price has been on a tear in 2020. Shares are up over 280% this 12 months and closed at $1,592.33 on Wednesday. Johnson is just not suggesting his $300 price goal shall be hit within the fourth quarter, however is suggesting a fall within the price may happen. “So I am not below … (the) phantasm that although my $300 is predicated on valuation of this as a automaker that the market goes to agree with me … anytime quickly,” he mentioned.Johnson additionally took intention at Tesla’s objective to ship 500,000 automobiles this 12 months. Within the first half of the 12 months, Tesla delivered 179,387 automobiles. “He (Musk) did say half one million was nonetheless the goal however my goal is to complete a marathon in below three hours and I do not assume I’ll get there,” Johnson mentioned.