Netflix (NFLX) shares are putting on a show, as shares continue to rally on Wednesday after hitting a record high in the prior session. Analysts at Guggenheim Partners issued a bullish note on the Internet video streaming company with a BUY rating and a $160 price target. The firm initiated coverage on the media name saying it sees the stock as a great bargain with a balanced risk/reward ratio. Guggenheim analysts expect the company’s paid international subscriber base to grow rapidly. Another factor helping drive the stock up is the company’s push to expand operations into Asia. Netflix announced that it will launch in Japan, starting Sept. 2. Netflix CEO Reed Hastings said the service will focus on localized content with an aggressive pricing strategy. Hastings also noted that the company has support from major Japanese consumer electronics brands, including Sony, Panasonic, and Toshiba, which will start integrating Netflix buttons into their TVs sold in Japan. TheStreet’s Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says Netflix should have a $100 billion market capitalization. He thinks people are starting to realize that Netflix should have a higher valuation. Cramer expects to see shares move even higher, because it is a lot bigger than other networks. He also pointed to the growth opportunities in international markets, calling it the ‘worldwide defacto channel.’reports in New York.
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