Citi analyst Mark May upgraded Netflix (NFLX) to Buy from Neutral with an unchanged price target of $375. The streaming service closed yesterday down $4.79 to $321.10.

The valuation, following this week's selloff, has reached a level that warrants an "opportunistic" upgrade to Buy, May tells investors in a research note. Netflix has a highly recurring subscription-based revenue business that delivers "significant value" to consumers, and its management team has a strong track record of execution, the analyst contends.

Further, he believes the company's fundamentals remain strong and that is has opportunity to continue growing international subscribers.