As on-demand entertainment streaming platform Netflix Inc. (NFLX) gears up for its highly anticipated earnings results Monday, another team of analysts on the Street have become bigger fans of the high-flying FAANG stock. (See also: Netflix May Pull All Films from Cannes in Protest.)

On Friday, Deutsche Bank upgraded shares of the Los Gatos, California-based tech titan to buy, indicating that they were wrong on their judgment of what they viewed as Netflix's high investment levels required to grow its international business. 

In a note titled "Upgrading To Buy: Catch Netflix If You Can,” analyst Bryan Kraft wrote that the bank had "underestimated the market's willingness to underwrite several years of negative free cash flow (FCF) to drive growth," adding that "it's more or less irrelevant now." Kraft expects Netflix to jump 11% over 12 months to reach $350 and views its planned $8 billion in spending on original content in 2018 as a means to differentiate itself from competitors such as deep-pocketed Amazon.com Inc. (AMZN), Walt Disney Co. (DIS), Hulu, and Time Warner Inc.'s (TWX) HBO. 

A 'Significant' Lead

“What's evolved with respect to our view on the stock is that Netflix has changed the industry in a profound way and in doing so has given itself a significant lead, making it very difficult for the traditional media companies, or even other big tech companies, to catch up,” wrote Kraft. 

Netflix is slated to report its fiscal first-quarter earnings results after the closing bell Monday. Investors will likely be focused on subscriber growth as a key metric. Lofty expectations have driven NFLX to trade at 120 times fiscal 2018 consensus profit estimates of $2.72 per share, compared to a forward P/E multiple of 18 for the broader S&P 500. The Street is forecasting for Q1 EPS of $0.64 on revenue of $3.69 billion, reflecting year-over-year (YOY) growth of 60% and 40%, respectively. 

Closing up 1.1% on Friday at $315.50, NFLX has gained a whopping 64.2% year-to-date (YTD) and 120.8% over the most recent 12 months, outperforming the S&P 500's 0.7% decline and 14.1% return over the same respective periods. (See also: 'Occupy Silicon Valley' Trend Could Hurt Tech Stocks.)

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