The Tesla ( TSLA ) stock rout appears to have shaken one of Wall Street's biggest bulls on the name.

Morgan Stanley analyst Adam Jonas has joined the parade of his peers cutting delivery estimates on Tesla for the first quarter and year. Jonas wrote in a new note that competition, an aging lineup, and a "buyers strike" from negative brand sentiment triggered him to pull the rip cord on his estimates.

Jonas also slashed his 2025 earnings per share estimates on Tesla by 20%.

He continues to view Tesla as a top pick, one that could have about 75% upside to $410 a share.

But it comes with an interesting caveat that highlights the likely volatile path ahead for Tesla investors this year.

"Given the upcoming catalysts and the nature of Tesla’s trading history, we see scope for the shares to test our $200 bear case and our $800 bull case within the next 12 months," Jonas cautioned. "We expect the key drivers of the stock will continue to include a wide scope of forces ranging from commercial, macro, geopolitical, technological, strategic and management specific."

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Tesla's stock is the worst-performing member of the " Magnificent Seven" tech stocks this year, down by a whopping 42%.

The stock has taken its cue from a host of factors.

In February, Tesla sold just 26,677 vehicles in China, an 11.16% drop year over year and a 20% decline from January, according to the China Passenger Car Association. Meanwhile, Australia's Electric Vehicle Council reported a 72% year-over-year drop in Tesla’s overall sales for the month.

In the US, prices on used Cybertrucks, Model 3s, Model Ss, Model Ys, and Model Xs continue to drop. Tesla is facing increased electric vehicle competition from General Motors ( GM ) and Ford ( F ), while some consumers are opting for hybrids, Jonas pointed out.

Sales in the US are under pressure too, due to backlash from CEO Elon Musk's involvement with DOGE and the Trump administration.

Wall Street, more broadly, has soured on the stock.

Mizuho cut its delivery numbers on Tesla this week, citing changing geopolitics — a nod to Musk’s aforementioned tie-up with the Trump administration. That close relationship has thrust Tesla into a different type of limelight with Musk detractors allegedly vandalizing Tesla dealerships and charging stations across the country.

UBS reiterated a Sell rating on Tesla within the past week, citing demand concerns.

Not aiding sentiment is that Tesla insiders are selling a ton of stock — more than $100 million in more than a month, according to insider selling activity data on Yahoo Finance .

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"Headlines likely get worse before they get better, with a negative first quarter delivery print, first quarter gross margin downside (though we could end above buy-side all said and done), new model launches that are less accretive to the total addressable market vs. bullish expectations, and a June Robotaxi launch that could be underwhelming in terms of scope (particularly as Waymo scales)," Guggenheim analyst Ronald Jewsikow wrote. "With that context, Tesla stock has been momentum up, and momentum down ... and we expect the near-term trend to remain negative."

Jewsikow rates Tesla a Sell.

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi , Instagram , and LinkedIn