A bearish Netflix analyst just changed his mind after survey reveals growing use in Germany, India

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Source: Netflix

A Jefferies analyst conducted a survey of consumers in Germany and India about Netflix that went so well, he upgraded the stock to hold from underperform and raised his price target.

"The [international] growth opportunity appears larger than we had expected, as original content is performing well, mobile consumption is growing, competition appears limited, and the pricing plan is gaining traction," John Janedis wrote in a note to clients Wednesday, who also raised his international subscriber estimates for this year.

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