Piper Jaffray Maintains Overweight on Netflix (NFLX)

Piper Jaffray is out with its report today on Netflix

, maintaining Overweight. In a note to clients, Piper Jaffray writes, "Netflix is scheduled to report Q1 results on Mon. (4/25). We expect slight revenue upside and we see potential for EPS upside based on better than expected gross margin and subscriber acquisition cost. Q1 web traffic data from ComScore suggests that Netflix sub adds are tracking slightly above our estimates, implying a slight revenue beat. And Netflix is improving its profitability per sub with its streaming product, which is driving lower SAC and higher GM. A slight beat in Q1 revenue with EPS upside and Q2 guidance essentially in line with Street estimates should be positive for shares of NFLX." Piper Jaffray maintains a $280 PT on NFLX. At the time of posting, shares of NFLX were trading pre-market at $244.88, up 1.38% from Tuesday's close.