UPDATE: Wedbush Takes Conservative Approach on Tesla

Wedbush analyst Craig Irwin maintained an Outperform rating on Tesla Motors (NASDAQ: TSLA) and lowered the price target from $295.00 to $275.00.

Irwin commented on the rising risks for the gigafactory in taking a “moderately more conservative position” on Tesla. The analyst remarked on Panasonic's earlier concern that by joining Tesla's gigfactory would raise investment risks. Wedbush further noted Panasonic's noncommittal comments.

The analyst added the asking prices for battery materials is climbing according to Wedbush's “various sources.”

Shares of Tesla are down as much as 4.9 percent at $203.00 on Thursday. The stock is currently trading at $208.30, down 2.24 percent from Wednesday's close.