Netflix's share price hit a record high on Tuesday after the company confirmed plans to expand into Asia and an investment firm put a mega-bullish price target on the stock.
Shares in the online streaming service closed up 7.63 percent at $121.15. In pre-market trading, shares were up 1.2 percent at around $122.60.
Behind the surge were two factors.
The first came as analysts at Guggenheim Partners initiated coverage of Netflix with a "buy" rating and a price target of $160, 32 percent above the closing price on Tuesday. The $160 price target puts it above Pivotal Research's $155, Cowen's $150 and FBR Capital's $142.
Investment in original content, improving broadband speeds globally and international expansion will drive the company, according to Guggenheim analysts.
Netflix has been investing heavily in original programs and films such as "House of Cards" and "Grace and Frankie" and attracting big name stars in the process.