Tesla Motors Inc (NASDAQ:TSLA) stock rallied to close to a record high yesterday. This is somewhat surprising given Consumer Reports released an article focusing on a number of minor issues with the company’s Model S. Consumer Reports is closely followed in the United States and a negative report on a product often causes a company’s stock to take a hit.

Tesla Motors TSLA Netflix

Tesla not only car company

It appears Tesla Motors Inc NASDAQ:TSLA stock has reached a point where investors are no longer thinking rationally, rather they are simply applauding the growth company for its innovation.

The EV car manufacturer had no earnings for the straight fourth quarter, losing $62 million in the three months ended in June. It seems it hardly matters to investors if Tesla keeps on producing the cars that have minor issues, or even if the cheaper Model 3, which is expected to arrive in 2017, also does not justify the growth in the stock, according to a report from Quartz. The key issue here is that Tesla is not just seen as a car company.

Analysts bullish view on Tesla

A Morgan Stanley analyst recently said that Tesla Motors Inc NASDAQ:TSLA could be capable of generating around $2 billion every year in revenue from energy storage by the end of the decade. According to various other analysts, lithium-ion batteries, which will soon be produced in the so-called gigafactory, will find uses in other areas such as drones and consumer electronics. At this point, it cannot be established if the analysts are correct, but investors are certainly buying into Elon Musk’s vision.

Deutsche Bank is also bullish on the stock assigning it a Buy rating, up from Hold previously, and also increased the price target on the stock to $310 from an earlier $220 per share. Analysts at Morgan Stanley have assigned a price target of $320 to Tesla. Dougherty & Co.’s analysts have assigned a price target of $325. Pacific Crest started coverage of Tesla stock last week and assigned a Buy rating to the stock with a price target of $316.

Analysts at Goldman Sachs and J.P. Morgan are Neutral on the stock with a price target of $210 and $170 respectively.

On Tuesday, Tesla Motors Inc NASDAQ:TSLA shares closed up 0.25% at $259.96.