Shares of Tesla (TSLA) are sliding after the company reported quarterly results and as its CEO Elon Musk cut off analysts during the earnings call, dismissing question about gross margins from Bernstein analyst Toni Sacconaghi as “boring.” Instead, the executive answered multiple questions from Youtuber Gali Russell. While JPMorgan and UBS reiterated their sell-equivalent ratings on Tesla following the “odd” call, Baird analyst Ben Kallo recommended investors ignore all the noise and buy the shares. QUARTERLY RESULTS: Last night, Tesla reported first quarter adjusted losses per share of ($3.35) and revenue of $3.4B, with consensus at ($3.58) and $3.22B, respectively. The company also noted that it sees achieving full GAAP profitability in third and fourth quarters. “We made significant progress on the Model 3 ramp in the second half of Q1, and the momentum continued into early Q2. Prior to a planned shutdown in mid-April to further increase production, we produced more than 2,000 Model 3 vehicles for three straight weeks, and we hit 2,270 in the last of those weeks,” the carmaker added. Tesla’s 2018 capex projection was also reduced from above $3.4B to under $3B. During the earnings call that followed the release of results, Elon Musk dismissed a question about gross margins from Bernstein’s Sacconaghi as “boring.” Instead, the CEO and other executives answered several questions from a 25-year-old retail investor and Youtuber named Gali Russell. In answering questions from Russell, Musk also said that Model Y production is not expected to begin for another two years. “We will not be starting production of the Model Y at the end of next year. It’s probably closer to 24 months from now, 2020… We could not fit the Model Y production at Fremont,” the chief executive noted. ‘ODD’ CONFERENCE CALL: JPMorgan analyst Ryan Brinkman lowered his price target for Tesla to $180 from $185, while reiterating an Underweight rating on the stock following quarterly results and a “truly bizarre” conference call. Meanwhile, his peer at RBC Capital also lowered his price target on the shares to $280 from $305, citing the company’s “odd” first quarter conference call. RBC’s Joseph Spak argued that the earnings report “did little” to sway either bulls or bears amid remaining “warranted” skepticism with the company’s production capabilities. The analyst reiterated a Sector Perform rating on Tesla. Remaining cautious on Tesla’s cash burn as well as the volatile and uncertain production timeline, UBS analyst Colin Langan reiterated a Sell rating and $195 price target on the shares. The analyst told investors in a research note of his own that while the electric carmaker’s first quarter results beat consensus, the cash burn of $1.1B was higher and worse than expected. BUYING OPPORTUNITY: Piper Jaffray analyst Alexander Potter also lowered his price target for Tesla to $369 from $385 but reiterated an Overweight rating on the stock. The analyst told investors that Tesla “fought through another” quarter, with “no major red flags in the financial results,” and noted that management strongly rejected the need for new equity. While acknowledging that Elon Musk’s “unorthodox behavior” during the company’s earnings call sparked an after-hours selloff in the shares, the analyst argued that he would buy the “dips in coming months.” Voicing a similar opinion, Baird analyst Ben Kallo noted that Tesla’s first quarter results beat on all metrics and recommended investors ignore all the noise about Musk not answering several questions on the conference call. The analyst believes investors should focus on the company’s progress and recommended buying the shares. Kallo reiterated an Outperform rating and $411 price target on the shares. PRICE ACTION: In morning trading, shares of Tesla have dropped over 7%, or $21.61, to $279.54.