UPDATE: Pacific Crest Says Netflix International Adoption is Accelerating

On Wednesday, May 14, 2014, Pacific Crest maintained its Outperform rating of Netflix, Inc.

while boosting its price target to $520. Pacific Crest analyst Andy Hargreaves stated, “We estimate initial adoption rates of Netflix have accelerated in each of the last three international market launches. This suggests the combination of increased connected device penetration and growing Netflix brand awareness is having a material impact on Netflix's international subscriber growth, which should fuel margin expansion and increase the company's competitive advantage.” Hargreaves continued to say, “It appears Netflix will likely launch in France and Germany in late Q3 or early Q4. Based on estimated adoption rates in the last three new market launches, we estimate the adoption of these two countries would boost international net sub adds to between 4.1 million and 6.6 million in-Q4 from our current estimate of 2.26 million.” Netflix shares opened $346.70 Wednesday and were last trading at $349 at 3:38PM EDT.