Netflix (NFLX) PT Raised to $530 at Canaccord Genuity Ahead of Q1 Print
Canaccord Genuity analyst Gregory Miller adjusted estimates and raised his price target on Buy-rated Netflix (NASDAQ: NFLX) to $530.00 (from $450.00) ahead of Q1 results on April 15.
"l rollout, committing to launch in virtually all targeted new markets over the next two years. While we agree with management’s decision to try to use its initial scale/first mover advantage to expand more quickly to new international markets, we understand the increased expenses will pressure financial performance in the near term. We are adjusting our estimates accordingly. While questions remain regarding the long-term penetration potential in the US, we believe investor attention has shifted to the cadence of new market launches and we expect management to provide some color on those plans in conjunction with the report. Though we expect the stock to be volatile around the report as it typically is, we believe the long-term Netflix thesis is unchanged and therefore maintain our BUY rating."
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Shares of Netflix closed at $474.68 yesterday.