Wolfe Research upgraded Netflix (NFLX) to Outperform from Peer Perform with a $1,100 price target following the Q4 earnings report. The company's "superior scale" led to accelerating financial returns and expanding potential to capture the long-term total addressable market, the firm tells investors in a research note.

Netflix, Oracle and other technology stocks lifted U.S. indexes as their profits pile higher and excitement builds around the moneymaking prospects of artificial intelligence. The S&P 500 rose 0.6% Wednesday and closed just shy of the record it set in early December.

U.S. stock indexes rose on Wednesday due to stronger-than-expected earnings from major tech companies and growing optimism for AI.