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 investors, Piper Jaffray writes, "Early Q2 web traffic data from ComScore suggests that Netflix sub adds may be tracking ahead of our estimates. The web traffic data for Netflix.com for the first month of Q2 (April) shows traffic growth accelerating vs. Q1 (up 62% y/y in April vs. up 41% in all of Q1). We are modeling for y/y growth in domestic gross sub adds to decelerate by 15 percentage points in Q1 (65% y/y in Q2 vs. 80% y/y in Q1). We believe estimates are generally conservative and the ComScore data is a positive indication for Netflix's Q2 subscriber growth." Shares of NFLX gained $1.22 yesterday to close at $237.53, a gain of 0.5%.