Netflix (NFLX) PT Raised to $465 at Bernstein; Upside Case Suggests $700+/Share

(Updated - October 17, 2018 7:21 AM EDT)

(updated to correct upside/downside targets)

Bernstein analyst Todd Juenger raised the price target on Netflix (NASDAQ: NFLX) to $465.00 (from $434.00) while maintaining an Outperform rating following strong results.

Juenger notes the pace of Netflix sub growth is "astounding".

It took 10 years to go from 0 to 100 million paid subs. They project it will take 2 years to go from 100 to 150 million, which is on pace to achieve the second 100 million subs in well less than half the time it took to get the first 100 million.

The firm's upside case now crosses 300mm paid subs in 4Q23, up from prior 2Q24. Under this scenario, NFLX shares would be worth $713 12-months from now.

Their base case now crosses 300mm paid subs in 1Q27 up from prior 4Q27. NFLX shares would be worth $392 12-months from now.

In their downside case, Netflix (still) does not achieve 300mm subs in the forecast horizon. NFLX shares would be worth $133 12-months from now.

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