Credit Suisse Upgrades Netflix to Outperform (NFLX)

Credit Suisse is out with its report today on Netflix

, upgrading NFLX from Neutral to Outperform. In a note to clients, Credit Suisse writes, "We are upgrading NFLX to Outperform from Neutral and raising our target price to $280 from $180. NFLX shares have retreated about 15% from its all-time high of $247, and our upgrade is based on the following: (1) Headline risk around new competition is more fully reflected in share price levels, (2) We do not expect a material impact on Netflix from Amazon Prime Instant Video based on our proprietary survey, (3) International expansion should boost NFLX addressable market, (4) Valuation is more appealing at current levels." At the time of posting, shares of NFLX were trading pre-market at $219.50, up 3.13% from Monday's close.