Netflix (NFLX) Bears Wrong, Says Cantor

April 23, 2013 8:49 AM EDT Send to a Friend
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Cantor Fitzgerald maintained a Buy rating on Netflix (NASDAQ: NFLX) and raised its price target to $230.00 (from $180.00). Analyst Youssef Squali thinks Q1 results poke holes in the bearish thesis.

"1Q:13 results were ahead on virtually every metric, showing that Netflix is not only popular as a service, but that the model continues to show operating leverage, proving one of the bears' theses wrong," said Youssef Squali.

"Domestic streaming contribution margin was up 210bps sequentially to 20.6% in 1Q:13, with management guiding for +100bps/ quarter of improvement. International contribution losses improved by $28M sequentially, to ($76.9)M, exceeding the high end of guidance and benefiting from lower-than-expected growth in content spend," added the analyst.

For an analyst ratings summary and ratings history on Netflix (NASDAQ: NFLX) click here. For more ratings news on Netflix click here.

Shares of Netflix closed at $174.37 yesterday.


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