FBR Capital analyst Barton Crockett came out with a favorable report on Netflix, Inc. (NASDAQ:NFLX) following the company’s announcement for a 7-for-1 stock split. Crockett maintained an Outperform rating on Netflix with a price target of $900, which represents a potential upside of 32.1% from where the stock is currently trading.

Crockett wrote, “The significance of the split, we believe, is mainly its reflection of management’s confidence in the durability of the recent stock surge. NFLX was hovering near $60 three years ago; now it is nearing $700. Clearly, management does not see its stock round tripping.”

“In this note, we highlight some not widely seen data documenting Netflix’s domestic rise and dominance, bolstering confidence in its ability to grow subs and charge more domestically and to replicate its success in key markets around the world.”, the analyst continued.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Barton Crockett has a total average return of 14.1% and a 66.7% success rate. Crockett has a 37.6% average return when recommending NFLX, and is ranked #394 out of 3640 analysts.

Out of the 43 analysts polled by TipRanks, 30 rate Netflix stock a Buy, 10 rate the stock a Hold and, 3 recommend to Sell. With a downside potential of 5.10%, the stock’s consensus target price stands at $646.42.