Netflix, Inc. (NASDAQ:NFLX) is quickly becoming one of the most prominent stocks in the tech world, garnering more and more coverage from analysts as the stock continues its prodigious 2013 run. The firm’s 600+ P/E is not deterring BTIG Research which initiated coverage of the company today with a $250 twelve month target.

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Despite the rockiness of this morning’s market, Netflix, Inc. (NASDAQ:NFLX) shares rose by more than 4%. So far in 2013 the stock has almost doubled in price. The firm’s original content coupled with better than expected quarterly earnings have made the stock one of the most impressive of the new year.

BTIG Research analyst Richard Greenfield thinks that the company can continue this run well into next year. The $250 2014 price target implies a 22.5X EBITDA multiple. According to the report the important indicators for Netflix, Inc. (NASDAQ:NFLX) are the company’s moat, which is increasing on the paralysis of competitors, along with the spread of technology capable of handling the service, and the firm’s international ambitions.

As long as bandwidth continues to get cheaper and set top boxes continue to integrate Netflix, Inc. (NASDAQ:NFLX) services well, it should grow. The video streaming service’s position as the premier use for bandwidth advertised by cable providers provides the company with a considerable edge over the competition.

Netflix, Inc. (NASDAQ:NFLX) has a considerable moat in video streaming. Though competition is increasing, no company has managed to approach Netflix, Inc. (NASDAQ:NFLX)’s position in the mind of the consumer. As competitors continue to struggle with content and balancing their advertising, Netflix’ moat grows.

The company’s international policy brings with it a large risk according to the BTIG report. The firm’s attempts to establish itself in Europe have been extremely expensive and represent one of the biggest drags on profit at the streaming service. Overall, however, BTIG views international investment as more of an advantage than a disadvantage, though it should be closely monitored by investors.

BTIG’s initiation of  coverage on Netflix, shows the new found importance of the company to the wider market, though there is little else of interest contained therein. Future reports from the research firm may be more enlightening.

Netflix shares were trading at just over $180 at time of writing. Despite the Nasdaq as a whole falling by a fraction less than 1% this morning, Netflix, Inc. (NASDAQ:NFLX) shares were up more than 4%.