UPDATE: Canaccord Genuity Raises PT to $68, Maintains Sell on Netflix on Softer Subs

Canaccord Genuity raises its target price from $66 to $68 on Netflix NFLX following Q1 results, but reiterates its Sell rating on shares on softer domestic streaming subscriber growth. Canaccord Genuity comments, "Domestic streaming subscriber net adds was 1.7M in the quarter. Q2/12 guidance calls for net adds of roughly 600K and F2012 net subscriber adds expectations of roughly 7M is on par with net subscriber adds in F2010, raising questions about the size of the total addressable market, in our opinion. NFLX no longer provides gross net adds, churn or subscriber acquisition costs. We are concerned that the lower net subscriber adds reflects either slowing gross adds and/or higher implied churn, both of which bring into question the TAM in the US, in our opinion." NFLX closed at $101.84 on Monday.
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