Netflix (NFLX) PT Raised to $420 at Guggenheim; Sees Subscriber Penitration Exceeding Expectations

Guggenheim analyst Michael Morris raised the price target on Netflix (NASDAQ: NFLX) to $420.00 (from $360.00) while maintaining a Buy rating. Guggenheim believes that Netflix subscriber penetration will significantly exceed what is implied in the company’s current valuation. Morris believes that Netflix has continued to execute along its path of long-term success in 3Q, further growing both market penetration and consumer engagement.

Beyond the strong operating profile and attractive market opportunity, Morris believes that Netflix exhibits a unique and evolved combination of core values, business model, and consumer value proposition that has the company well positioned for sustained success.

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