Netflix, the online video service provider was up 8 percent in the stock market after receiving positive analyst reviews.

The company has mostly been on a slide down from $300-plus, a year ago, and currently trades at the $61 due to uncertainty in the consumer market. However, some of the analysts have observed some changes in the online video subscription business and a transition in the taste of the customers.

Citigroup analyst Mark Mahaney rephrased his rating to buy on Netflix stock, calling it a screaming buy. Mahaney sets a target of $120 on NFLX. Although the company is far from such a price tag at the moment but it shows analysts’ confidence growing in Netflix.

Mahaney says Netflix has an attractive valuation. But he concedes that “risks here remain significant,” from the likes of Amazon.com, Hulu, Coinstar’s Redbox and cable pay-per-view. It’s still early in the Internet streaming video business though, he says.

The most enthusiastic review was from renowned analyst Whitney Tilson who also rated it a buy. Though there are risks Netflix’s profitability by the competition from Amazon and Apple, she remains optimistic that the company will have a financial turnaround in the next few years.

Netflix could be a “bite-sized acquisition for a half dozen companies,” she said.

Netflix is slated to release quarterly financial report on October 23. Analysts are of the opinion that the company will earn 4 cents a share on the sales of $905 Million. The EPS is down a whopping 97 percent while the sales are up 10 percent from the year-ago quarter.

Netflix shares climbed as high as 304.79 in July 2011, before going on an epic slide. The major reason for the dip was the company’s division of U.S. DVD-by-mail and online video services in two different companies.

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