The firm sees the stock gaining 20.5% in the next 12 months after already outperforming so far this year.
Netflix will likely see improved earnings and a continued rally as its password sharing crackdown continues, Wells Fargo said. The streaming giant rolled out fees for extra users in Canada, New Zealand, Spain and Portugal last month , an extension of the plan that began with Latin American countries last year. The latest fees were "meaningfully higher" than in Latin America, Wells Fargo analyst Steven Cahall said.
mountain Netflix and the S & P 500, year-to-date —CNBC's Michael Bloom contributed to this report.
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