UPDATE: Bank of America Merrill Lynch Reiterates Underperform Rating, Raises PT on Netflix

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Underperform rating on Netflix

, and raised its price target from $60.00 to $68.00. BofA Merrill Lynch noted, “Netflix developed and is the leader in the subscription DVD rental market. More recently Netflix's growth has been driven by its streaming service which allows users to stream titles to their TVs, PCs, or mobile devices instantly. Although Netflix's story has plenty for both the bulls and bears, our bias shifts more to the bear than the bull side due concerns surrounding the health of the domestic streaming business.” Netflix closed on Tuesday at $97.16.