Barclay analyst Brian Johnson warned that bullish Tesla Inc (NASDAQ:TSLA) investor should not ignore several significant challenges faced by the company. In research note, the analyst said that Tesla bulls are “appear to be living in a real-life version of The Matrix,” CNBC reported via Fortune.

Shares of Tesla Inc. closed up 3.26% on Monday. The stock of the electric automaker and energy giant have surged 4.65% during the last five days. TSLA is up more than 46% year-to-date.

The Matrix was science fiction film released in 1999. Referring to the film, Johnson said that many Tesla’s investors have taken the blue pill.

In The Matrix movie, the hero was offered two the option to take either a red or blue pill. A red pill “allows him to see the universe as it is” while the blue pill “allows him to continue in his ignorant bliss,” Johnson said, according to Barron’s.

“On Tesla, we think many investors have taken the blue pull, while we remain stubbornly in the red pill camp,” Johnson said in the research note.

What Johnson Thinks About

Johnson does not impress with Tesla’s push into self-driving cars with the latest version of its Autopilot software. He does not believe that the automaker is significantly ahead of its competitors.

“Tesla still lacks the industrial rigor and scale required for autonomous, in our view,” Johnson said, according to Market Watch.

Johnson also believes that the road is not smooth for Tesla Inc (NASDAQ:TSLA). The company is going to face an increasing number of competitors in the electric cars market. In addition, the bearish Tesla analyst thinks that it will be difficult for the company to successfully expand into other areas like energy and insurance.

Meanwhile, Piper Jaffray on Monday raised its price target on TSLA to $368 from $223. The firm also upped its rating on the stock to “overweight” from “neutral,” CNBC reported.

“We have driven a Tesla for seven months in preparation for this report, and after conducting investor meetings with the company last week, we’re finally ready to take a stand,” analyst Alexander Potter said in a note to clients.

Shares of Tesla Inc (NASDAQ:TSLA) hit an all-time high of $313.73. The stock is currenetly trading around $312.25.