UPDATE: National Alliance Upgrades Netflix to Accumulate on Earnings Preview

In a report published Friday, National Alliance analyst Mike Hickey upgraded the rating on Netflix (NASDAQ: NFLX) from Market Perform to Accumulate, and raised the price target from $101.77 to $186.64.

In the report, Hickey noted, “The Company's product portfolio offers a pure play on the rapidly expanding over-the-top Internet movie and TV content providers (minus legacy DVD business in secular decline), over connected platforms including: TV, PC, Tablet, Console and Mobile platforms. The Company has a large subscriber base, over an aggressively expanding connected platform market as an opportunity for further subscriber growth. Total subscriber levels ending Q4'12 include: domestic stream 27 million, international stream 7 million and domestic DVD 8 million.”

Netflix closed on Thursday at $163.07.