UPDATE: Morgan Keegan Raises PT on Netflix to $267 (NFLX)

Morgan Keegan is out with its report today on Netflix NFLX, raising its PT from $220 to $267. In a note to clients, Morgan Keegan writes, "Our price target of $267 reflects a P/E multiple of 40x 2012E non-GAAP EPS. While this is a premium to our coverage universe, we believe this is warranted given Netflix's strong growth trajectory and status as the dominant subscription streaming video service." Morgan Keegan maintains Market Perform on NFLX. At the time of posting, shares of NFLX were trading pre-market at $238.88, down 5.08% from Monday's close.