Netflix (NFLX) PT Raised to $130 at Nomura
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Nomura Securities analyst Anthony DiClemente reiterated a Buy rating and raised his price target on Netflix (NASDAQ: NFLX) to $130.00 (from $110.00) following strong Q3 results and guidance.
DiClemente commented, "Netflix showed that the qualitative virtues often cited by bulls - secular growth of internet video, global scale, a commitment to quality content, and singular focus - could drive robust subscriber growth even in the face of well-documented headwinds. 3Q US and international net subscriber additions handily surpassed estimates and the company's guidance; Netflix also guided 4Q US and international net additions ahead of expectations, this is despite higher prices and despite comparing against the large S. European launch internationally. Looking out to 2017, management expressed caution regarding international subscriber additions in 1Q17 due to the comparison against the ROW launch. 3Q profitability also exceeded expectations driven by continued leverage and margin expansion in both the US and internationally. We raise our estimates and take our TP to $130, on both higher estimates and a modestly higher valuation multiple for international."
The firm raised FY16E EPS from $0.24 to $0.40; FY17E EPS from $1.01 to $1.06
Shares of Netflix closed at $99.80 yesterday.
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