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We were totally wrong on Netflix. Buy it: Firm

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

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: