Tesla Inc. (NASDAQ:TSLA) reports Q1 earnings after Wednesday's closing bell, and one market watcher isn’t impressed with what’s coming.

“I haven’t seen a new Tesla on the street in a long time,” Stephen Callahan, Trading Behavior Specialist at Firstrade. “I’m not enthusiastic about this.”

TSLA stock is moving ahead of earnings. See the price action here. 

The skepticism arrives at a loaded moment. Tesla is the first of the Magnificent Seven to report this season, carrying a 231x forward P/E and a market cap of $1.45 trillion, according to Benzinga Pro. 

EPS Vs. CapEx

Tesla shares are down 12.7% year to date, making it the second-worst Mag 7 performer behind Microsoft Corp. (NASDAQ:MSFT). 

Wall Street’s consensus calls for EPS of $1.01 on revenue of $22.35 billion, implying 15.6% top-line growth over the same quarter last year, per Benzinga Pro data.  

But Callahan told Benzinga ...