The Tesla (TSLA - Get Report) bulls continue to run wild, probably because it's no more than a momentum tech name. 

"My issue with Tesla is that I don't know how to value it, but I will tell you this -- it's not being valued as an auto stock it's being valued as a tech stock, just like Netflix (NFLX - Get Report) and Amazon (AMZN - Get Report) , so the Tesla bulls continue to buy it," explains TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer. 

Tesla shares were upgraded to buy from hold on Tuesday by Berenberg, citing the company's "disruptive potential" in the auto industry. The company could have a "near monopolistic" opportunity to gain market share and out-perform rivals, Berenberg writes.

The firm sees Tesla shares surging about 30%.

To be sure, notes like this one have become the norm.

Consumer Edge Research recently upgraded its price target on Tesla's stock to what was then a Wall Street high estimate of $385 in anticipation of the Model 3's release on July 1. The company says it will deliver 5,000 vehicles every week by the end of the year and 10,000 next year.

The California-based car maker's shares are up 68% year to date, giving the company a market cap far higher than auto competitors Ford (F - Get Report) and General Motors (GM - Get Report) .

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Editor's Pick: Originally published Jun. 14.