Brigantine Advisors analyst Steven Frankel this morning repeated his Buy rating on Netflix (NFLX), while lifting his price target on the shares to $105, from $80.
“Having already beaten back several larger, brand name competitors when the company was far smaller, we believe today, with over 12 million subs and a well-established digital strategy, Netflix is here to stay,” he writes in a research note. Frankel says Q1 results, due Wednesday after the close, should be “another stellar quarter.”
“Headed into the Q1 report, Netflix shares have been on a tear, reaching all-time highs, raising the bar on expectations for the quarter and beyond,” he writes. “While in the short-run, the shares could come under pressure from profit taking, we believe the fundamentals are in place to drive numbers, and the stock, higher between now and the end of the year.”
For the quarter, Frankel expects the company to beat the Street at $493.1 million in revenue and profits of 54 cents a share.
NFLX is up 63 cents, or 0.7%, to $85.43.
Update: Along the same lines, Caris analyst David Miller today upped his target on the stock to $96 from $87.50, and wrote in a research note this morning that the company is likely to post “mild upside” to guidance for the quarter.
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