The firm upped its price target to $950 from $600, citing business model momentum.
BTIG maintained its "buy" rating, and said it believes Netflix can grow substantially beyond 50 million domestic subs.
In addition, the firm expects worldwide streaming to expand with the company reaching 140 million global subscribers by 2020.
"While Netflix has exceeded our $600 one-year price target, we believe its business model is gaining meaningful momentum. In turn, we are setting a new one-year price target of $950, up 45%," BTIG analysts wrote in a note this morning.
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. The company is based in Los Gatos, Calif.
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, expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and premium valuation."