Shares of Tesla Motors Inc (NASDAQ: TSLA) tumbled more than 10 percent Thursday as the Street reacted negatively after the company lowered its full-year delivery guidance to a range of 50,000 to 55,000 vehicles.

Trip Chowdhry of Global Equities Research defended Tesla in an e-mail to his clients. The analyst noted that he "rechecked" his bullish thesis on Tesla only to reiterate an Overweight rating and $385 price target.

Chowdhry stated that Tesla is now a "multi-product company" with "multiple revenue streams." The company now sells multiple auto products (Model S and the upcoming X which the analyst pointed out will start getting test drives in the fourth quarter) along with Tesla Energy, pre-owned vehicles, and services and power trains for its cars.

Chowdhry said that Tesla's revenue dynamic is "set to change" heading into fiscal 2016 with an estimated $450 million contribution from Energy and $150 million from pre-owned vehicles. These two segments contribution will be "significant" to the company versus their 2015 levels.

The analyst also noted that Tesla's Australian seat supplier recently set up a factory in Union City, California, which happens to be only 11 miles away from Tesla's factory in Fremont. The seat supplier is now making modifications, in real time, based on the feedback it gets from Tesla's engineers.

Finally, Chowdhry stated that Tesla's fundamentals "continue to remain strong." The analyst is now estimating full-year fiscal 2015 revenue to be $5.4 billion (49 percent year-over-year growth), down from his prior estimate of $6.02 billion. For the full year fiscal 2016, Chowdhry is estimating total revenue of $9.11 billion (70 percent year-over-year growth) on 89,000 total auto unit deliveries.

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