We were totally wrong on Netflix. Buy it: Firm

Kevin Spacey, who stars in the Netflix series "House of Cards."
Image source: Netflix

Bank of America analysts upgraded Netflix shares to "buy" from "underperform" on Tuesday, doubling their price target for shares of the video-streaming company.

In what they deemed as a "change of heart," the analysts increased their price target for the stock from $350 to $722, noting that positive long-term subscriber and earnings potential thanks to a growing portfolio of content will bode well for the stock.

That price target would represent a 30 percent rally over the next 12 months for Netflix, which closed Monday at $554.90.

Here's what they say they got wrong: