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Some analysts remain wary of Netflix because of the video-licensing bills that have been piling up. Through December, Netflix owed $5.6 billion during the next five years, up from $5 billion at the end of December. Although the company didn’t break down how much it paid this year, Wedbush Securities estimates the amount at $2.5 billion.

“I think the company is genuinely mistaken in how it thinks it is going to manage content costs,” Pachter said. “This is truly a house of cards and it’s going to come crashing down this year.”

Even Pachter was impressed with Netflix’s fourth-quarter performance. It caused him to raise his 12-month price target on Netflix’s stock from $45 to $55.