JPMorgan analyst Ryan Brinkman slashed his price target on Tesla Motors (NASDAQ: TSLA) to $195.00 (from $308.00) while maintaining an Underweight rating said it appears 'funding has not been secured'.

"Our interpretation of subsequent events leads us to believe that funding was not secured for a going private transaction, nor was there any formal proposal," the analyst commented.

The analsyt added that while Tesla does appear to be exploring a going private transaction, they now believe that such a process appears much less developed than they had earlier presumed.