UPDATE: Piper Jaffray Raising Price Target On Netflix (NFLX)

Piper Jaffray is raising its price target on shares of Netflix NFLX to $280 from $240, and is keeping its Overweight rating on shares. In a note to clients, Piper Jaffray writes, "Netflix has indicated that it will expand its international, streaming-only product to a second geography in 2H11. We conducted a small survey of 200 internet users in four countries, Mexico, Brazil, UK, and Germany (50 responses each country). Our survey suggests that awareness of Netflix is surprisingly high and connected device adoption is widespread, but digital movie piracy is also rampant. Given the results of our survey, we remain comfortable with our estimate of 1.75m intl subs by the end of CY11 and 3.0m for CY12. With the higher than expected awareness and broader adoption of Netflix-capable devices, we are lowering our int'l SAC assumptions, resulting in higher CY12E EPS; our price target is now $280." Shares of NFLX closed at $244.72 yesterday, up $2.63.