UPDATE: Topeka Capital Initiates Coverage On Netflix Citing International Growth

In a report issued Tuesday, Topeka Capital initiated coverage on Netflix (NASDAQ: NFLX) with a rating of Buy and a target price of $421.

Topeka analyst David W. Miller sees that "international growth the special sauce" and that paired with a disciplined financial management team will lead to continued success in the future.

Netflix has already proved its value with its 375 percent share price increase in the last 24 months, and even at its current price Miller still sees the company as under-appreciated.

Netflix will open at $364.50 on Tuesday.