Netflix Shares Tick Higher; MKM Raises Target to $370, Cites Increasing Confidence in Mgmt

Shares of Netflix

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.