NEW YORK (TheStreet) -- Netflix (NFLX) shares were upgraded to "outperform" from "perform" by Oppenheimer Monday. The firm set a price target of $419 for the company.
Netflix shares are up 1.1% to $341 in premarket trading.
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The firm believes that the recent sell off of high beta tech stocks has crated a buying opportunity for investors as many of those companies remain fundamentally sound in the near term.
"Recent headlines related to NFLX include Amazon (AMZN) set-top box (STB) launch, with unfounded speculation of AMZN launching a free video service. We think the AMZN STB will actually be a positive for NFLX, as a featured application," Oppenheimer said.
TheStreet Ratings team rates NETFLIX INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NETFLIX INC (NFLX) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."