Netflix Powering Higher On Upgrade (NFLX)

Shares of Netflix (NASDAQ: NFLX) surged to an all-time high this morning on the heels of an analyst upgrade.

Shares of the online movie rental subscription company are currently up $4.50, or 3.73%, to $125.19. Shares earlier touched an all-time high of $125.83.

This morning Brigantine raised their price target on Netflix to $136 from $114 saying the company is addressing a large and growing market with a powerful combination of top-notch experience, tons of consumer value and a business that is positioned for strong growth.

The firm says the company has already beaten back several larger, brand name competitors and is poised to benefit from a collapsing brick and mortar video rental channel.

Shares of Netflix currently trade for 3.56 times last year's sales and 35.7 times 2011 earnings estimates. While the company is clearly firing on all cylinders, shares are not cheap at these levels by most valuation measures.

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