One Wall Street brokerage just did an about-face on Netflix, telling clients that the stock's 27 percent decline from its July high represents an attractive buying opportunity.

In a rare move, Buckingham Research raised its rating two notches to buy from underperform for Netflix shares, saying that while it was previously cautious on its "elevated" stock price, it still believes it is a top-notch option.

"We have always viewed Netflix as the continued top streaming category winner," analyst Matthew Harrigan wrote Monday. We are "increasing our price target to $406 from $349, providing 31 percent upside, with the stock's 27 percent decline from its July 12-month high being the primary upgrade catalyst."

Netflix is down more than 9.9 percent over the last three months and is off nearly 27 percent from its 52-week high of $423.21 amid a technology stock rout. Shares of Facebook, Amazon and Google-parent Alphabet are each down more than 8 percent so far this quarter.

Shares rose 0.5 percent in premarket trading following the Buckingham upgrade.

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