UPDATE: Netflix (NFLX) PT Raised to $277 at Buckingham Research

(updated to add analyst comment)

Buckingham Research raised its price target on Netflix (NASDAQ: NFLX) to $277.00 (from $257.00) while maintaining a Neutral rating.

Analyst Matt Harrigan comments "BRG's price target especially hinges on long-term global customer growth, confirmed with a growth model (Bass diffusion) that is often employed by top consultancies like McKinsey & Co. We caution that NFLX stock is now up 61% ytd and up 189% over the last two years, even as 2020 global subscriber consensus estimates are up just 7.7% and (oddly) 5.4%. Fair valuation depends on ultimate market size, but the near-term disparity between price action and intermediate estimates is glaring."

The analyst sees potential upside target of $353.00 and downside target of $159.00.

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