UPDATE: Oppenheimer Sees Opportunity in Tech Sell-Off; Netflix (NFLX) and Yelp (YELP) Raised to Outperform

(Updated - April 7, 2014 9:30 AM EDT)

Oppenheimer upgraded Netflix (NASDAQ: NFLX) from Perform to Outperform with a price target of $419. Yelp (NASDAQ: YELP) was also upgraded to Outperform with a price target of $78. Analyst Jason Helfstein sees opportunity in recent weakness.

"In our view, the recent sell-off in high-beta Internet and technology stocks has created a buying opportunity in certain stocks in our coverage universe. As we view near-term fundamentals as unchanged, we are upgrading the shares of NFLX and YELP to Outperform from Perform. Based on prior price target calculations, we estimate 24% and 19% upside, respectively, with favorable near-term technical support," said Helfstein

For an analyst ratings summary and ratings history on Netflix click here. For more ratings news on Netflix click here.

Shares of Netflix closed at $337.31 yesterday.

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