() shares spiked in Wednesday afternoon trade after Citigroup () analyst Mark Mahaney reiterated a "buy" rating on the company.?
The note, which was released late Tuesday, sent the online movie and TV show streaming service's stock up 8.78 per cent to $61.42 each on the Nasdaq.
In a research note to clients, Citi analyst Mahaney said that " remains one of the most controversial stocks we cover. It's our 'screaming buy ? we say buy people scream."
The Citi analyst retained a "buy" rating on 's shares with a price target of $120, saying that there have been signs customer satisfaction with the service has begun to improve.
Mahaney noted that "risks here remain significant", including significant content acquisition, serious competition and uncertainty around the company's international investments.
"But we?ll stick with our Buy ? highlighting what we view as a highly reasonable valuation, a generally positive execution track record, and the still early market opportunity for Internet video streaming."
"In terms of online video destinations, 's competitive position continues to rise, although YouTube and Amazon are also showing gains," Mahaney said.
is scheduled to post third quarter results on October 23. Analysts polled by Bloomberg expect a per-share profit of five cents, on revenue of $905 million.
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