Netflix Inc.'s stock price target was raised to $390 from $320 at MKM Partners, but analyst Rob Sanderson said the streaming video services company was no longer a "top pick" given the massive increase in the stock's valuation over the years. The stock slipped 0.3% in premarket trade Tuesday. Sanderson's new price target is the third highest of the 43 analysts surveyed by FactSet, and implies a market capitalization of $169.5 billion. He noted that the stock has rocketed about 1,300% since April 16, 2013, while the S&P 500 has climbed 73%. "The stock has remained our top pick throughout this time as our expectations for subscriber growth and EPS power justified a significantly higher valuation," Sanderson wrote in a note to clients. "This is now catching up to our view." He said he still believes Netflix has among "the very best fundamentals" as it joins the internet mega caps, but the stock is becoming fairly valued.