Netflix (NFLX) PT Raised to $490 at Goldman Sachs, Matches Street High

Goldman Sachs analyst Heath Terry raised the price target on Netflix (NASDAQ: NFLX) to $490.00 (from $430.00) while maintaining a Conviction Buy rating.

• Matches Street High PT established at Pivotal Research.

The analyst comments "While NFLX has outperformed significantly (+31% since 4Q results vs. the S&P -16% over the same period) as one of the few companies experiencing increased demand in the current environment, we expect shares will continue to outperform. We expect Netflix to report 1Q results well above guidance, with over 10mn net subscriber additions, and provide initial guidance for 2Q ahead of FactSet Consensus, even accounting for management conservatism. Content additions to the platform, combined with the value of Netflix’s library to those staying home during the COVID-19 crisis, drove this outperformance, more than offsetting the lingering impact of last year’s price increase and growing competition in SVOD."

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