GLJ Research analyst Gordon Johnson expects Tesla’s Q4 deliveries to come in at 183,646, above the consensus estimate of 174,000. Tesla has 25,000 in inventory and production capacity of 840,000 cars per year currently, so it should be able to beat its Q4 guidance of 181,650, Johnson tells investors in a research note. The analyst, however, sees signs of “Bernie Madoff” given Tesla’s ability to keep margins flat despite “aggressive” price cuts. Johnson believes there is “quantitative proof” that the company’s reported automotive margins “may exhibit aggressive accounting methods.” Tesla does not have the long-term, high-volume relationships with vendors that lets it consistently get the best parts pricing, Johnson tells investors. The analyst keeps a Sell rating on Tesla with a $40 price target. The stock in midday trading is down $5.00 to $658.69.