UPDATE: Barclays Upgrades Netflix, Inc.

In a note released Friday morning, Barclays analyst Paul Vogel upgraded shares of Netflix, Inc. NFLX from Underweight to Equal-weight and raised the price target from $420 to $480.

Vogel wrote, "After doing a deep dive into the International story, we believe our estimates are likely achievable and now see the upside/downside to subscriber growth as more balanced."

In regard to the international market, Vogel noted Netflix is gearing out to launch in six new markets including the two largest broadband per household markets outside the United States -- France and Germany.

In a final remark, Vogel commented, "Ultimately, we believe quality original content will be the differentiator."