Kaufman Bros. Maintains a 'Buy' on Netflix (NFLX); Raises PT & Estimates
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Kaufman Bros. maintains a 'Buy' on Netflix, Inc. (NASDAQ: NFLX), raises price target from $53 to $55.
Kaufman analyst says, "Netflix reported another strong quarter as expected with strong gross sub adds of 43% Y/Y. Furthermore, Netflix announced an impending partnership with a major CE company (likely Sony or Nintendo) that we expect will drive strong sub growth in early 2010 although also increase S&M in 1Q...We are modestly increasing our 2009 estimates given the 3Q upside and solid 4Q outlook. For 2010, we maintain our estimates although we are assuming slower earnings growth in 1Q due to increased marketing for the new consumer electronics partnership. For 2009, we move from $1,668 million in revenues and $1.85/$1.98 in GAAP/pro forma EPS to $1,673 million and $1.89/$2.02, respectively. For 2010, we move from $2,019 million and $2.28/$2.41 to $2,092 million and $2.27/$2.41."
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Netflix, Inc. provides online movie rental subscription services in the United States.
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