On-demand internet streaming media service Netflix was ranked as the best performing stock in the S&P 500 index on Monday, the Financial Times reports, following a recent analyst upgrade on the company's stock.
"We have increased confidence that current 10 per cent international penetrations should about double by 2020, despite finding continued softness in Germany and France, as all other markets are trending consistently," UBS analyst Doug Mitchelson told the site.
The Swiss global financial services company boosted Netflix's stock status from "neutral" to "buy" given recent success in garnering international subscribers. UBS raised the internet streaming company's price target from $370 to $565.
Last week, Citigroup raised its own price target for Netflix from $409 to $525, citing low competition risks and strong subscriber growth in new markets. Netflix shares have risen four percent to $474.68 since Citigroup's announcement.
"We believe this was driven by broad strength in the domestic market," Cowen & Co. analyst Helane Becker said, according to the Financial Times.
"The March quarter also benefited from the earlier Easter and Passover holidays that pulled forward stronger demand from April. This will negatively affect April to the same degree."
Netflix was founded in 1997 in Los Gatos, Calif. and is said to have over 50 million subscribers around the world.
The company's Chief Executive Officer, Reed Hastings, was reported to have made $3 million in salary earnings and $8.1 million in stock options.
