Loup Ventures co-founder Gene Munster gave Tesla Inc (NASDAQ:TSLA) a seriously bullish accolade last week, calling the electric carmaker the next Amazon.com, Inc. (NASDAQ:AMZN). If that is indeed the case, TSLA stock owners have plenty to be excited about — Amazon shares have rallied 49,000% since their initial public offering 20 years ago.

Problem: Munster’s heart and mind may be in the right place, but his rhetoric feels oddly over the top. Tesla might well dish out the same kind of return AMZN has over the years, but the commentary feels almost like a sales pitch … as if Munster is trying to convince himself.

I contend that Tesla stock is nothing more and nothing less than what I suggested it was back on Feb. 23. That is, the carmaker is a trade based on a premise. Treating it as anything besides that could induce madness, even if it also produces profits.

In fact, after a closer examination of other comments posted last week about the world’s most prolific electric vehicle maker, I’m more convinced this is all a big game.

They’re Just Guessing, Too

Munster’s exact words concerning TSLA stock:

“Most people think of (Tesla) as an electric car company, but their mission statement is to accelerate the globe’s transformation to renewable energy. When you start thinking about that you can see them grabbing market cap from energy companies which are some of the largest market-cap companies.”

Philosophically speaking, most investors can appreciate the premise. Selling a product is one thing, but providing a solution to a problem is quite another. Sometimes a mere marketing tweak to that end can make all the difference.

On the other hand, an appreciation of an organization’s philosophy doesn’t pay the bills. Tesla can say it’s working on a cure for cancer, but unless it can drive revenue in excess of expenses (all expenses), the semantics are irrelevant.

To that end, know that Tesla has never turned a GAAP profit. The stock’s success has always been predicated on “what’s next.”

Munster may want to be careful about making comparisons that are intended to be grandiose but end up being lackluster in the final analysis.

Last year, Amazon.com — a $477 billion behemoth — turned $136 billion in revenue into $2.4 billion in net income. That’s a net profit margin of 1.7%, translating into a trailing price-to-earnings ratio of 280. That valuation would be laughable were it any other company, but like Tesla, AMZN got a pass because it has always been able to convince investors that “what’s next” was worth the wait.

Gene Munster is hardly alone in his unbridled enthusiasm. Bernstein analyst Toni Sacconaghi recently chimed in:

“Tesla is a disruptive company, with a once-in-a-generation leader. It is the next Apple Inc., Netflix Inc., Amazon.com Inc., and Elon Musk is a uniquely visionary leader with track record of doing the impossible.”

Once-in-a-generation leader? Track record of doing the impossible? Time to put your boots on, ’cause it’s getting deep.

How exactly does a habitual money-losing company like Tesla manage to muster such a bullish following like the one Munster and Sacconaghi are clearly a part of? Some data compiled by Bloomberg may shed some light on the matter.

The bulk of Tesla stock’s bulls are actually technology analysts, who are no stranger to seeing overvalued (and often unprofitable) stocks climb based on nothing more than an idea. Most of those pros bearish on TSLA stock are automobile industry analysts.

Their opinions are merely a reflection of their learned mindset.

That’s fine, or would be, if it didn’t make it impossible for investors to have faith in a consensus. There is no consensus. And as it stands right now, there may never be one as long as analysts like Sacconaghi aren’t just evaluating the company, but posting sales pitches for them.

Bottom Line for TSLA Stock

Don’t dwell on the reality too long. There will come a time when, for better or worse, Tesla will be seen and treated like a an actual company. In the meantime, it’s a story stock, with all the risks and rewards thereof.

That’s a scenario that lends itself to technical analysis, since investor sentiment is actually rather easy to gauge and map out.

Just bear in mind what the analysts are saying may have nothing to do with how TSLA stock moves, higher or lower. They’re just making educated guesses too, only because they too have never seen anything quite like Tesla. They’re filling in the blanks with a little sensationalism of their own, on both sides of the table.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities.