Guggenheim raised the firm’s price target on Netflix to $700 from $600 and keeps a Buy rating on the shares. The analyst says investor confidence into the company’s Q1 earnings report is high. The firm’s data analysis indicates incremental download strength in the U.S. and Canada but sequential slowing in other international regions, contributing to its below buy-side member growth estimate. Guggenheim sees uncertainty regarding the relative pace of Netflix’s core member growth and the likely non-recurring impact of an initial contribution from the implementation of paid-sharing policies. Looking at the bigger picture, however, it believes Netflix continues to have “significant runway” for sustained global membership growth.
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