Deutsche Bank maintained a Hold rating on Tesla Motors (NASDAQ: TSLA) with a price target of $280. Comments follow the release of the company's second quarter earnings. Analyst Rod Lache described results as "mixed," noting volatility surrounding margin expectations.

"Tesla’s results were in-line with our expectations, as lower than expected gross margins were offset by lower operating expenses. Nonetheless, Tesla moderated their 2H’15 revenue and margin guidance (full year 2015 deliveries now projected at 50,000-55,000 units vs. 55,000 previously; gross margins ex. ZEV credits likely to stay in the high 23% range, vs. our prior expectations of 25-26%). These adjustments reflect a slower launch trajectory assumed for the Model X SUV," said Lache.

"Demand for Model S, the backlog for Model X, and initial demand for Stationary storage products remain very strong. Vehicle deliveries in the 83,000-94,000 range should be achievable in 2016. TSLA also indicated that order backlog in their stationary storage business stands at ~$1 bn. 2016 stationary storage sales could be in the $400-$500MM range due to production constraints (DBe has been at $400MM)," continued the analyst.

Lache added, "While we remain bullish on Tesla’s long term prospects in the Automotive Stationary Storage markets, we look at quarterly metrics as guide-posts for deriving future profitability and cash flow forecasts. Production delays and changes to margin expectations cannot be viewed as constructive to valuation."

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Shares of Tesla Motors closed at $270.13 yesterday.