Wall Street's insane love affair with 3 hot stocks

Cramer: 3 sweetheart stocks

Investors on Wall Street are completely enamored with Netflix, Amazon and Tesla right now. And the star-struck fascination is different than any other stock that even Jim Cramer has ever seen before.

These three stocks are the most loved stocks in the market right now—and Cramer totally gets it.

The "Mad Money" host saw the most amazing reversal he has ever seen, when a Bank of America/Merrill Lynch analyst abruptly changed his rating on Netflix to a buy from a sell. The same analyst then changed his price objective to $722 from $350 and took his earnings estimates to $4.32 in 2016 from $1.96. Holy smokes!

"In other words, Netflix's management did a much better job than this analyst expected and it turned out he'd been dead wrong. I think this is a great reminder that companies can and do change, and those who believe they can't would be downright foolish to dig in their heels," the "Mad Money" host said.

Source: CNBC

And while Cramer thinks the analyst did the right thing by admitting he was wrong, this is a good reminder to investors to stay flexible. Cramer has liked Netflix for ages because he still believes that the company is worth more than it is currently selling for.

As for Amazon, it could also be worth a heck of a lot more—if it wanted to. The stock has been on fire since it reported a week and a half ago, and the company finally told investors how much money it was making from its Web services business and selling goods.

The reason why this information was important is because Amazon has never provided that level of clarity to investors before, and people finally figured out that the company can become profitable if it just stops spending. That brought the bulls in to do some buying, hence the stock has roared.

Then there is Tesla, which reports on Wednesday. But Cramer still maintains his stance that he hates the stock, but loves the car. He has chosen to stand on the sidelines for this one, as there seems to be just as many people out there who love the stock as those who hate it.

Read more from Mad Money with Jim Cramer
Cramer Remix: Buffett's biggest impact
Cramer: Triple-threat portfolio trigger
Warren Buffett's biggest diet nightmare

"I remain fascinated by this company and its CEO, Elon Musk, because you have some very keen minds on both sides of the trade," Cramer added.

Ultimately, these three stocks seem to have no boundaries in a market that seems to reverse itself every time it gets anywhere. They define what is hot right now.

And while Cramer still thinks they are all cult stocks, he totally gets the bull case for them.

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com