NEW YORK (TheStreet) -- Netflix (NFLX) has made one of the great comebacks in history and its stock can go even higher, said TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS portfolio, on CNBC's "Mad Dash" segment Thursday.
Cramer noted that analysts at Citigroup had raised their price target Thursday morning to $722 from $584.
"I think it gets there," Cramer said. "The market cap is too small right now for the opportunity." Cramer said analysts at Citigroup have talked about Netflix's franchise being undervalued.
When CNBC's David Faber asked Cramer whether they should be concerned about the stock's recent steep rally, Cramer acknowledged the stock had "gone parabolic" and that he doesn't like parabolic stocks.
Cramer added, however, that although the stock might pull back from recent gains, it was unlikely to go back to its low levels of late last year.
Netflix shares were up $2.21, or 0.4%, at $623.74 midmorning Thursday.
Also on Thursday's "Mad Dash" segment, Cramer noted that analysts at Morgan Stanley had lifted their price target on shares of Amazon (AMZN) to $520. Cramer said Morgan Stanley's analysts liked that Amazon's fulfillment costs are falling.
The key to the stock's recent move, Cramer said, was Amazon's decision to break out results for its Amazon Web Services cloud-computing business in its last quarterly report.
"People started saying, 'They can be profitable if they want to,'" he said. "Netflix and Amazon are two of the three companies that could raise their price tomorrow, Costco (COST) being the third."
Amazon shares were up $12.18, or 2.9%, at $436.04 at midmorning Thursday.