Netflix price target raised to $810 from $735 at Guggenheim

Guggenheim analyst Michael Morris raised the firm’s price target on Netflix to $810 from $735 and keeps a Buy rating on the shares. Netflix shares are up 56% year-to-date, but the firm continues to see further global member growth potential, accelerating advertising revenue growth and operating leverage and margin expansion driving attractive shareholder returns over the next 12 months, the analyst tells investors. The firm, which expects member trends will remain the critical sentiment driver on Q3 earnings, raised its Q3 member net adds estimate to 5.2M from 2.5M and notes that a recent buyside survey showed that investor expectations are “modestly higher” than the current sell-side consensus of 4.4M net member additions.