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Suddenly Wall Street Is Obsessed With Netflix

International subscriber adds should set Netflix (NFLX) up for an outperforming fourth quarter, according to Deutsche Bank analysts, who upgraded the stock to "hold" from "sell" on Friday. The firm also raised its stock price target to $110 from $92.

The upgrade sent shares higher by 2.7% to $132.73 in afternoon trading.

The streaming service set aside $6 billion to produce original content this year and so far it's paying off. Netflix's The Crown, which is rumored to have cost $130 million to produce, or about $13 million per episode, has since drawn critical acclaim alongside many other Netlfix originals.

Investments in original content have helped Netflix gain momentum in international markets such as Germany, France, Spain and Italy, Deutsche Bank noted. The firm now expects international paid net subscriber additions to be 4.35 million, higher than Netflix's estimates of 3.35 million.

"We continue to think that the...