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It's not too hard to understand why the stock market just flat out loves Tesla (TSLA) - Get Tesla Inc Report .

"If you view it as a technology company, it's going to go higher. If you view it as a short, you're going to get run over," said TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer. He added that while people hate Tesla's financials, they love its cars and want to own the stock. 

Most others on Wall Street agree. 

Sales expectations for the upcoming Model 3 are too low given likely high consumer interest, Pacific Crest analyst Brad Erickson said in a recent note. "If the car is perceived as awesome, already low second half 2017 buy-side expectations will actually fall. Under this scenario, we believe downside risk from significant production shortfall would likely be minimal."

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Erickson has a $439 price target on Tesla, implying a 23% advance from Wednesday's afternoon trading price of $357. The analyst cautions though that high-end consumer demand for Tesla's cars are plateauing and that overall profitability is likely to "underwhelm."

Tesla will begin to deliver the Model 3 to customers on July 1. The electric car company plans to churn out 5,000 Model 3's per week before the end of this year, and 10,000 per week next year.

Shares of Tesla have surged more than 67% so far this year on expectations for a strong debut of the Model 3. 

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Editor's Pick: Originally published June 7.