Netflix Inc. (NFLX.O) rallied as much as 4.3 per cent on Friday, extending a pronounced three-week gain after multiple analysts issued bullish commentary on the video-streaming company, a sign of confidence that comes just days before it is scheduled to report its fourth-quarter results.

In a sign of how strong the stock’s recent upward momentum has been, it has gained in 10 of the past 12 trading days, ended flat in one and dipped 0.1 per cent in the other. Netflix has risen about 44 per cent since a recent low on Dec. 24, more than four times the gain of the S&P 500 over the same period.

Despite the recent advance, Netflix remains about 20 per cent below a record close in July.

Netflix received at least two analyst upgrades since the close of trading on Thursday. UBS analyst Eric Sheridan -- who downgraded the stock in July, just two days after its record close -- lifted his view to buy, predicting the company would exceed subscriber growth expectations when it reports fourth-quarter results on Jan. 17.

Separately, Raymond James upgraded the stock to strong buy from outperform, saying it was “approaching a profit inflection” and citing the recent success of the Netflix film “Bird Box.”

Morgan Stanley trimmed its price target on the stock to US$430 from US$475. However, the firm reiterated its overweight rating, seeing a deeper competitive moat and greater operating leverage as the shift to "vertically integrated streaming" continues.