UPDATE: Baird Equity Research Upgrades Netflix to Outperform, Raises PT as International Upside is Underappreciated

In a report published Friday, Baird Equity Research analyst William V. Power upgraded the rating on Netflix NFLX from Neutral to Outperform, and raised the price target from $383.00 to $420.00. In the report, Baird Equity Research noted, “While acknowledging the significant stock move, we have gotten more comfortable with the risk and growth opportunities since our August initiation, and are raising our rating from Neutral to Outperform. We increasingly believe the company's focus on originals provides sustainable differentiation and expect significant international growth to help push shares higher. Though risks remain, a hoped-for pullback seems less likely near term, and given the long-term opportunity, we recommend the shares at current levels.” Netflix closed on Thursday at $322.48.