Netflix (NFLX) PT Raised to $350 at Jefferies; Maintains 'Underperform'
Jefferies US Internet Team raised its price target on Netflix (NASDAQ: NFLX) to $350.00 (from $300.00) but maintained its Underperform rating following Q2 results.
Jefferies said, "etflix continues to show margin improvement across the globe, giving it confidence to plan an ambitious European expansion in Sept. Importantly, the company raised prices during 2Q to minimal impact on sub growth. But in 2015, mgmt. may revise downward its prior +400bps Y/Y margin expansion target -- the swing factor being the amount spent on beefing up the content library."
The firm cut FY 2014 EPS from $4.30 to $3.89.
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Shares of Netflix closed at $451.95 yesterday.