Netflix—it’s the stock that infuriates day traders and Wall Street analysts alike, including one of my nephews who got scared and dumped it years ago just as it started its meteoric rise. You don’t know why you buy it, but you can’t think of a good reason for dumping it. On Wednesday, analysts from Moffett Nathanson nailed that sentiment in a note, writing that “Netflix has been the single most frustrating stock to cover in our careers.” They still raised their price target by $40 to $213 and gave it a “neutral” rating:

“While we expect Netflix (NFLX) to continue to post strong subscriber growth . . . we still can’t justify the stock price under any scenario,” they wrote. “We are left with the continued displeasure of believing that the stock is overvalued by not seeing any legitimate fundamental reason for investors to sell.”

They added that Netflix investors are irrationally obsessed with its new subscriber numbers, concluding that “the stock is virtually impossible to justify as a ‘buy’ at these levels under varying valuation methods.”