Piper Jaffray analyst Michael Olson raised his price target for Netflix (NFLX) to $166 saying the company's Q4 results last night showed better subscriber growth and improving margins.  

The quarter showed Netflix can continue to grow subscribers rapidly while exceeding margin expectations, Olson tells investors in a research note. The analyst keeps an Overweight rating on the shares.

Netflix in pre-market trading is up $10.17, or 8%, to $143.43.