NEW YORK (TheStreet) -- Shares of Netflix (NFLX) - Get Report are soaring, sharply up 17.92% to  $411.30 in pre-market trading Wednesday, adding to its gains from yesterday's after-market session, as the video streaming service provider was upgraded today to "buy" from "neutral" by analysts at Nomura this morning.

Also, analysts at JPMorgan Chase raised its price target on Netflix this morning to $511 from $450 with an "overweight" rating, saying the company reported strong fourth quarter results late yesterday.

JPMorgan believes Netflix's stronger than expected international subscriber growth and increased efficiency at expanding into new markets provides better profit visibility.

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For the fourth quarter, Netflix posted adjusted earnings of 72 cents per share, aided by a tax benefit, and topping analysts' estimates of 45 cents per share.

Revenue for the fourth quarter was $1.48 billion, slightly below analysts' expectations of $1.49 billion for the period.

The company also reported fourth quarter subscriber growth that exceeded its forecasts due to faster international growth and more gains in the U.S., according to Bloomberg.

For the quarter, international growth in subscribers expanded by a record 2.43 million.

In the U.S., Netflix added 1.9 million new customers, more than the 1.85 million predicted to hit a total of 39.1 million domestically, and bringing the worldwide total to 57.4 million subscribers.

Los Gatos, CA-based Netflix is an Internet television network that allows users to play, pause and resume watching content, with more than 44 million members in 40 countries.

Separately, TheStreet Ratings team rates NETFLIX INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate NETFLIX INC (NFLX) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, weak operating cash flow and generally higher debt management risk."

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