UPDATE: JP Morgan Upgraded Netflix to Overweight on Strong Results, Outlook

JP Morgan upgraded Netflix

from Neutral to Overweight and raised the price target from $80.00 to $132.00. JP Morgan commented, "The recent move in the stock both into and post earnings has been significant, but we still think there's more upside in Netflix shares. 4Q12 results and the outlook for 1Q13 were strong across subs and profitability for US Streaming, International Streaming, and US DVD. Importantly, 18 months have now passed since Netflix first announced its pricing changes that derailed the company's growth trajectory. Since then Netflix has worked hard to rebuild the brand, improve the service and expand content—the success of which is evident in 4Q results and management's confident outlook." Netflix closed at $103.26 on Wednesday.