Piper Jaffray Overweight on Netflix

Piper Jaffray is out with a research report on Netflix NFLX and it has an Overweight rating and a $300 price target on shares. In a note to clients, Piper Jaffray writes, "As a follow-up to our 350 subscriber survey in mid-August, we recently surveyed 250 Netflix subs to gauge subscriber behavior. The outcome of the survey, conducted on 9/19 (after the apology email from CEO Reed Hastings to subscribers announcing the Qwikster spin-off), was similar to the mid-Aug survey; however, the number of subs that expect to quit the service is now down to 10% from 15% previously. We believe our survey shows that subscriber cancellations are stabilizing after being higher than expected for the majority of Q3. While we continue to expect elevated churn over the next few quarters, the risk of a mass exodus appears to be moderating following our mid-Sept. survey." Shares of NFLX lost $4.73 yesterday to close at $127.49.