UPDATE: Wunderlich Downgrades Tesla Motors to Hold

Wunderlich Securities has published a research report on Tesla Motors TSLA downgrading the stock from Buy to Hold believing that there is too little information to go on between model releases near term. In the report, Wunderlich writes, "The company reported 1,500 orders for the model Model S, which we believe will mark a peak. This is up from appoximately 1,100 in 3Q11. We don't know for certain how many of these orders were originally orders for the Fisker Karma, but we suspect there may have been a couple of hundred and that may be behind the spike. We aren't sure that the order rate is sustainable considering that orders placed today won't turn into cars until next year and possibly late next year. But falling order rates for the Model S may not matter because TSLA is now taking orders for the Model X. As orders tail off for the Model S, the orders are ramping for the Model X, which was unveiled last week and the company started taking orders for it last Friday. Based on what management said about the Model X, it appears to have orders for several hundred and this should more than offset the decline in Model S orders we expect to see." Wunderlich maintains its $30 price target on Tesla Motors, which is currently trading up $0.40 from yesterday's $33.60 closing price.