UPDATE: Citigroup Raises PT on Netflix on Refined International Analysis

In a report published Wednesday, Citigroup analyst Mark May reiterated a Neutral rating on

, and raised the price target from $355.00 to $390.00. In the report, Citigroup noted, “As discussed in detail in ‘TV is Dead. Long Live TV.', Citi's global media team established a framework to evaluate the extent to which key countries are at risk of web-based video delivery disrupting the existing pay TV ecosystem. This framework scores each country based on a number key variables like Internet penetration & speeds, datacaps and pay TV penetration.” Netflix closed on Tuesday at $362.25.