UPDATE: Oppenheimer Raises Target to $130 on Netflix

Oppenheimer reiterates its Outperform rating on Netflix

and raises its price target to $130 from $90 a share following strong performance for 4Q. Oppenheimer says, "Following better than expected 4Q results and 1Q guidance, we are raising our '12 US EBITDA estimate and increasing our price target from $90 to $130. Our price target is now based on '18 terminal P/E/EV of 16x/9x vs. 10x/7x previously. In our view, movement of the stock is largely based on investor sentiment around the sustainability of the business model, driven by near-term results. Streaming subscribers stabilized q/q and are expected to increase 5-10% sequentially in 1Q. Meanwhile, Int'l subs increased 26% sequentially, and should increase 35-70% in 1Q." NFLX closed at $95.04 a share yesterday.