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JPMorgan analyst cuts Tesla price target by 37%

Elon Musk speaking in front of Tesla car
Photo: Justin Sullivan via Getty Images

JPMorgan analyst Ryan Brinkman cut his Tesla price target from $308 to $195, stating that it appears "funding has not been secured" for Elon Musk's take-private proposal as originally claimed, reports StreetInsider.com.

The big picture: The fallout continues from Musk's tweet that he had funding secured to take Tesla private at $420. The company is facing legal action from Tesla shareholders and has been subpoenaed by the SEC, who are investigating Musk for potential stock manipulation.