Tesla Motors Inc (NASDAQ:TSLA) shares rose another 3.5 percent today, and no one can stop asking just how high it will go. There is no fundamental way to value the automaker’s shares, and even CEO Elon Musk is scratching his head about why it’s so high. The stock has now risen to a price that’s almost five times what it was at the end of last year.

Tesla Motors

Analysts Jason Gilbert and Elliot Turner at RGA Investment Advisors say numerous clients are asking them if they would buy Tesla at the current price, and their answer is simple. Not right now.

Tesla has done great things

They said there’s no denying that Tesla Motors Inc (NASDAQ:TSLA) has done great things. They note that the Model S “is an amazing car, Tesla Motors is a disruptively great company and Elon Musk is the most visionary and adept leader for technology of this era.” They believe that what Musk has done with Tesla Motors Inc (NASDAQ:TSLA) “is nothing short of a miracle.”

They remind investors that a number of things have pushed the automaker’s shares higher recently. First, the company “virtually eliminated the risk of failure.” It also survived a major short squeeze and pushed its Model S sedan up to hold 8.4 percent of the U.S. luxury car market. The vehicle now outsells the BMW 7 series, the Mercedes S class and the Audi 8 series. In addition, Consumer Reports gave the Model S its highest test score.

But what about Tesla’s valuation?

However, they said none of these things justifies the automaker’s current stock price. In fact, they believe that Tesla Motors Inc (NASDAQ:TSLA) shares are priced “not just for greatness, but for perfection.”

They note that it is possible that the automaker will eventually justify today’s valuation, but it’s “highly unlikely.” They said if Tesla Motors Inc (NASDAQ:TSLA) is just a great company, it would take more than 10 years for today’s share purchasers to own a company with an intrinsic value which matches its stock market value now.