Netflix (NFLX) Price Target Raised to $505 at Credit Suisse
Credit Suisse analyst S. Ju raised its price target on Netflix (NASDAQ: NFLX) to $505.00 (from $461.00) following Q1 results but maintained a Neutral rating.
The firm's FY15 and FY16 Adj. EPS estimates are now $2.39 and $2.87 respectively as they flow thru the subscriber beat as well as the anticipated product launch in Japan by end-2015.
"Despite the in-line results on currency headwinds, it was otherwise another well-executed quarter for Netflix as it continues to benefit from increased consumer engagement and delivers a superior value proposition," Ju said. "We expect investors to look past the below-expectations profit guide for 2Q15 given the greater strategic imperative in global expansion management first articulated on the last earnings call. Given the accelerated pace of subscriber additions both internationally and domestic - our target price adjusts higher to $505 but we maintain our Neutral rating based on valuation."
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Shares of Netflix closed at $475.46 yesterday.