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Netflix Shares Tick Higher; MKM Raises Target To $370, Cites Increasing Confidence In Mgmt

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Shares of Netflix (NASDAQ: NFLX) are trading up more than 2 percent in pre-market action following some bullish comments from MKM Partners' Rob Sanderson Tuesday morning.

Sanderson boosted his target on Netflix from $285 to $370 while maintaining a Buy rating.

Sanderson said he is now more confident in Netflix's management team. He believes the company will be able to capitalize on opportunity which continues to grow.

Netflix's integration with ComHem, Virgin, according to Sanderson, suggests cable operators are beginning to see Netflix as a possible partner given the broadband advantage.

The MKM analyst pointed at likely better-than-expected international subscribers. He feels Netflix's international segment could one day be a larger slice than subscribers within the US.

Netflix subscribers will breath a sign of relief reading Sanderson's note: the analyst does not expect the company to lift prices anytime soon.

With shares of Netflix trading just under $315 in the pre-open session Tuesday, MKM's new price target represents potential upside of more than 17 percent.

Latest Ratings for NFLX

DateFirmActionFromTo
Jan 2017Deutsche BankUpgradesSellHold
Jan 2017Morgan StanleyMaintainsOverweightOverweight
Dec 2016Evercore ISI GroupUpgradesSellHold

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