Oppenheimer: Netflix Worth $800 On 'Aggressive' International Expansion

In a report published Friday, Oppenheimer analyst Jason Helfstein reiterated an Outperform rating on

, while raising the price target from $610 to $800, following the company's announcement that it intended to expand its operations to five new countries. The analysts expect Netflix to end 2015 with 30 percent broadband penetration in its five oldest markets of the US, Canada, Brazil, UK and Ireland, with 239 million global subscribers or 32 percent penetration by 2020. As part of its "aggressive international expansion" plans, Netflix has announced plans to enter Spain, Cuba, Japan, Italy and Portugal in 2015. Data from Google Trends suggests that the momentum in the new markets is strong. The company has launched services in Australia and New Zealand in March. The search activity in these two countries is significantly higher than the pre-launch levels. The 2016 non-GAAP EPS estimate has been raised 13 percent, driven by expectations of lower international losses.