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NEW YORK (TheStreet) -- Netflix (NFLX) - Get Netflix, Inc. Report shares have been putting on a show, and they continued to rally on Wednesday after hitting a record high in the prior session.

Analysts at Guggenheim Partners initiated coverage on Netflix Tuesday, issuing a bullish note on the video streaming company with a buy rating and a $160 price target. The firm says it sees the stock as a great bargain with a balanced risk/reward ratio. Guggenheim analysts expect the company's paid international subscriber base to grow rapidly.

Another factor helping drive the stock up is the company's push to expand operations into Asia. Netflix announced that it will launch in Japan on Sept. 2. Netflix CEO Reed Hastings said the service there will focus on localized content with an aggressive pricing strategy. Hastings also noted that the company has support from major Japanese consumer electronics brands, including Sony (SNE) - Get Sony Corp. Report, Panasonic (PCRFY) and Toshiba (TOSBF) , which will start integrating Netflix buttons into the TVs the manufacture to be sold in Japan.

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TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, says Netflix should have a $100 billion market capitalization, and he thinks people are starting to realize that the market is undervaluing it. Cramer expects to see shares move even higher, because it is a lot bigger than other networks.

He also pointed to the growth opportunities in international markets, calling it the "worldwide defacto channel." In addition, Netflix is proving that it values family by allowing "unlimited" paternity and maternity leave. The company recently announced it was enhancing its employee benefits, allowing parents to take off as much paid time as they want within the first year after the birth or adoption of a child. Shares of Netflix have risen more than 100% over the past year.