Cramer: BofA Netflix upgrade is shocking

CNBC's Jim Cramer said Tuesday he was amazed by Bank of America's upgrade of Netflix.

"This was just an extraordinary reversal of how a guy feels about a stock," Cramer said on "Squawk on the Street."

In a note, the bank said it was raising its rating on the video-streaming giant's stock to "buy" from "underperform," citing a "more constructive view of Netflix long-term subscriber and earnings potential based on its rapidly growing portfolio of 'AAA' original content."

BofA also boosted its price target to $722 per share from $350, because of "improved marketing and content costs from global original content licensing."

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"I would have called this [note] 'wrong,'" Cramer added.

Netflix's stock was up nearly 3 percent midmorning Tuesday.