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Bearish Tesla (TSLA) analysts have been busily airing their viewpoints ahead of a much-anticipated quarterly update on production and deliveries. On Wednesday, one of the bulls spoke up.

Jefferies analyst Philippe Houchois sees a “modest” $50 million loss before interest, taxes, depreciation, and amortization in the first quarter and sees a “high probability that Tesla can remain self-funded in the course of 2019.”

He reiterated his outlook for the stock while posting first-quarter delivery and production numbers that are below Wall Street’s consensus. Houchois has a Buy rating and a $450 price target on the stock, well above FactSet’s $335 average. Tesla shares were recently up less than 1% to $269.20.

His forecast comes as Tesla shares, which had jumped to finish 2018, have fallen since mid-December to within range of last year’s lows.

The shares “are back to support levels last tested in the course of 2018, before Tesla had demonstrated profits and positive free cash flow,“ wrote Houchois, who added that “negativity into Q1 looks excessive.”

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Elon Musk said recently that the company isn’t expected to post a profit in the first quarter; that would break a two-quarter profit streak.

As the end of March approaches, Barron’s has covered some downbeat takes from Wall Street analysts who have shared concerns about demand and margins, among other things. (We published one of those yesterday—as well as another bullish call earlier this month.)

Those concerns, coming after the company announced the availability of the $35,000 Model 3 sedan in late February, have contributed to a roughly 15% decline in Tesla stock in March as the broader S&P 500 has risen slightly.

The extension of a battle between the Securities and Exchange Commission and Musk has also hurt the shares. Late last year, the parties agreed to a range of penalties stemming from the CEO’s tweets about going private; the SEC now argues that Musk was in contempt of that agreement with a series of subsequent tweets, which Musk denies.

That matter, according to a Tuesday filing, is headed to a courtroom: Oral arguments in a New York federal court are now scheduled for April 4.

“We believe we’ve done everything that we need to do under the settlement, but obviously it’s going to the court and it will go from there,” Tesla Chairman Robyn Denholm—who moved into that seat because the settlement required Musk to vacate it—told Bloomberg Wednesday, saying she thinks Musk uses Twitter “wisely.”

This story was first published on March 27, 2019. It was republished to reflect share price movement and to add Denholm’s quote.

Email David Marino-Nachison at david.marino-nachison@barrons.com. Follow him at @marinonachison and follow Barron’s Next at @barronsnext.