Netflix price target raised to $275 from $250 at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Netflix to $275 from $250 and keeps an Equal Weight rating on the shares. Swinburne said the launch and potential of the ad-tier and paid sharing have helped Netflix shares "nicely outperform since July" as consensus net adds expectations have increased. While he has raised his own estimates, driving a higher price target, he also cautions that he sees growing risk that market expectations for the ad-tier and paid sharing to pay quick dividends in net adds and ARPU "are already priced in," arguing that valuation has "run too far too fast."