Netflix (NFLX) PT Raised to $115 at BMO Capital; Un-Grandfathering Concerns Prove Overdone
BMO Capital analyst Daniel Salmon reiterated a Market Perform rating and bumped his price target on Netflix (NASDAQ: NFLX) to $115.00 (from $85.00) following strong Q3 and Q4 guidance, saying un-granfathering concerns proved overdone.
Salmon commented, "Netflix bounced back from last Q's disappointment as quarter-to-quarter volatility balanced out and pushed back on the Bear case with a very strong 3Q report and 4Q guidance. That said, we remain on the sidelines as we expect the stock to move back to the high end of recent trading range and we can't yet foresee a next leg to the story in the near term. We expect that will be more likely found on the international side as local language content/improved localization rolls out and potentially boosts sub growth."
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Shares of Netflix closed at $99.80 yesterday.