UBS analyst, Colin Langan reiterated his sell recommendation, and $160 price target. Of course, I’m dubious of the price target, but I’m documenting the commentary from the sell side, regardless.Here were the key highlights from Langan’s most recent sell-side note:Despite the current $3.4bn cash position, Musk stated on the call that increased cash burn will take TSLA "close to the edge," implying a potential capital raise in the near-term. With a minimum need of $1bn, this implies about $2.4bn in cash burn, consistent with our -$2.3bn 2017 estimate and up from -$1.4bn in 2016.We are cutting our 2017 EPS estimate from -$2.80 to -$2.90 reflecting lower H1 deliveries and lower storage sales. We are maintaining our 2018-20 EPS estimates. Our $160 price target is based on our three-stage DCF.While cash burn has been a long well-understood situation. I believe the concerns expressed by analysts were already embedded into shares prior to management ever saying anything on the earnings call. Of course, I could be wrong, but the dilution impact for further debt convertibles could diminish shareholder equity, but given my understanding of the dilutive impact, it doesn’t diminish the long-term investment case so significantly we wonder if cash burn/shareholder dilutions will substantially negate long-term per share earnings metrics.