Piper Jaffray Overweight On Netflix (NFLX)

Piper Jaffray has an Overweight rating and a $280 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 for all 3 months of Q1 shows traffic growth slightly accelerating vs. Q4 (up 41% y/y in Q1 vs. up 39% in Q4). We are modeling for y/y growth in domestic gross sub adds to decelerate by 10 percentage points in Q1 (80% y/y in Q1 vs. 70% 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 $6.01 yesterday to close at $233.96, a loss of 2.5%.