If Carl Icahn says Netflix is undervalued he's probably right.
I wouldn't be surprised if he comes up with a tender offer within 12 months. He's the king of the leveraged buy out.
Don't bet against him.
Here's an interesting story filed by USA Today:
http://www.usatoday.com/story/money/business/2012/11/01/netflix-stock-soars-carl-icahn-stake/1674651/
story by Brad Richdale