Wedbush Securities has published a research report on Netflix NFLX and has upgraded the company from Underperform to Outperform and has raised the price target from $110 to $155.
In the report, Wedbush writes, "In our view, Amazon AMZN has always wanted to be in the streaming business, and has been constrained from buying Netflix due to tax considerations. The split up of Netflix's business addresses the state sales tax issues raised for Amazon in having a “nexus”. If Amazon were to acquire only Netflix's streaming business, it could triple the size of its content library, and gain traction as an industry leader. Netflix streaming has current content deals that provide it with access to movie"
Wedbush goes on to say, "We are upgrading Netflix to OUTPERFORM from UNDERPERFORM, and raising our 12-month price target to $155 from $110, as we believe an acquisition by Amazon makes sense."
Netflix closed yesterday at $128.50 and Amazon closed at $231.87.
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