Piper Jaffray Overweight On Netflix (NFLX)

Piper Jaffray has an Overweight rating and a $240 price target on shares of Netflix NFLX.

In a note to clients, Piper Jaffray writes, "Q1 web traffic data from ComScore suggests that Netflix sub adds are tracking
slightly ahead of our estimates. The web traffic data for Netflix.com in the first 2 months of Q1 (Jan. & Feb.) shows traffic growth essentially unchanged vs. Q4 (up 38% y/y in Q1 vs. up 39% in Q4). But we are modeling for y/y growth in gross sub
adds to decelerate by 21.5 percentage points in Q1 (80% y/y in Q1 vs. 101.5% y/y in Q4). Despite recent competitive announcements, we continue to believe estimates are generally conservative and the ComScore data is a positive indication
for Netflix's Q1 subscriber growth."

Shares of NFLX lost $2.46 yesterday to close at $192.99, a loss of 1.26%.