Netflix (NFLX) PT Raised to $460 at BofA Securities on Lockdown Boost

BofA Securities analyst Nat Schindler raised the price target on Netflix (NASDAQ: NFLX) to $460.00 (from $426.00) while maintaining a Buy rating, saying a 'perfect storm' may lift penetrations on surging streaming demand.

Ahead of Q1 results on 4/21, they anticipate a subscriber beat and estimate 8.4 million paid net adds, versus the consensus of 7.5 million. For the first-half, they see 14.2 million versus the consensus of 11.7 million.

Schindler said while there are legitimate investor questions about the permanency of any sub boost and a recessionary impact on churn, they expected first-half stay-home orders to "yield a permanent step-up in penetration and competitive launches to be hindered by stalled production schedules."

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