Goldman Sachs on Friday touted Netflix, telling clients shares could rally nearly 50 percent in the next 12 months.

Goldman reiterated its "buy" rating and added Netflix (NFLX) to its conviction list, a hand-picked collection of stocks its analysts believe are more likely than others to deliver meaningful upside.

"With Netflix shares down 36 percent since record highs in July, and the S&P 500 down 10 percent over the same period, we believe Netflix represents one of the best risk/reward propositions in the internet sector," Goldman Sachs analyst Heath Terry wrote in a note.

"We continue to believe Netflix's investment in content, technology and distribution will continue to drive subscriber growth well above consensus expectations both in the U.S. and internationally."

Netflix shares (NFLX) rose $24, or 8.9 percent, to $295.22 in late Friday trading. Netflix is down more than 25 percent in the past three months and more than 30 percent in the past six months, CNBC explained.

Other big media gainers included Spotify (+11%) and Roku (+12%). Other tech and media stocks climbing Friday included Lionsgate (+6.6%), Twitter (+6.65%), Amazon (+5.8%), Alphabet (+5%), Apple (+4.25%), Facebook (+4.2%) and Disney (+3.9%).

The rise in tech and media stocks come after the broader market was dragged down Thursday, in part fueled by Apple's announcement that it would miss revenue targets for the year-end 2018 quarter.