Shares of Netflix Inc. NFLX, +3.34% are up 0.9% in premarket trading Wednesday after Cowen & Co. analyst John Blackledge reiterated his bullish stance on the stock and raised his price target to $325 from $275. Heading into Netflix's first-quarter earnings report next Monday, Blackledge wrote that Netflix benefited from an "extensive" slate of content at the beginning of the year, which included Altered Carbon and Marvel's Jessica Jones. He said that Netflix might also have been helped by worse-than-expected ratings for the Winter Olympics and increasing integration into set-top boxes. Blackledge also called out Netflix's international business. "Owning a leading international content production footprint and ramping relationships across the talent ecosystem should prove beneficial to Netflix's ability to increase production in those markets, much of which is produced at a fraction of the cost of similar content produced in Hollywood," he wrote. Shares are up 107% over the past 12 months, while the S&P 500 SPX, -0.08% has gained 13%.