CNBC's Jim Cramer reveals why he is now a believer in Tesla. The "Mad Money" host breaks down why investors should listen to companies' earnings call and how he sees the millennial home-buying market is heating up.

CNBC's Jim Cramer has made a u-turn on Tesla from an "agnostic skeptic" to an "outright bull" on the stock.

The "Mad Money" host on Wednesday exclaimed "I'm a true believer in Tesla," breaking down his metamorphosis on the electric-car company he classifies as a "battleground stock."

"All my career I have been fascinated by companies with vociferous bulls and ferocious bears, if only because they can be so entertaining," he said. "Three things distinguish these stocks from regular run-of-the-mill equities."

Cramer said the wait is over as millennials are now buying homes in larger numbers, pointing to luxury homebuilder Toll Brothers' earnings report for signs of proof.

"After a decade of cocooning, millennials want to buy homes that represent value, which is in keeping with the way they shop for everything else," the host said. "The delay in … homebuying is over, the spending is just beginning."

In Cramer's lighting round, the "Mad Money" host gives viewers his thoughts about callers' favorite stock picks in rapid speed.

Synopsys: "That's actually a buy. They are doing better than the stock is indicating."

Lockheed Martin: "Inexpensive stock. Great cash flow. Buy, buy, buy."

Welltower: "No, senior housing. No, not after what happened with Ventas." Sell.

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