Canaccord Genuity Believes Netflix (NASDAQ: NFLX) Still Has Room to Grow

By Ryan Adsit

In a report released yesterday, Michael Graham from Canaccord Genuity reiterated a Buy rating on Netflix (NASDAQ: NFLX), with a price target of $165. The company’s shares closed yesterday at $157.75, close to its 52-week high of $161.78.

According to TipRanks.com, Graham is a 5-star analyst with an average return of 12.5% and a 58.3% success rate. Graham covers the Technology sector, focusing on stocks such as IAC/InterActiveCorp, The Meet Group Inc, and Spark Networks Plc.

Currently, the analyst consensus on Netflix is Moderate Buy and the average price target is $161.80, representing a 2.6% upside.

In a report issued on May 15, RBC Capital also reiterated a Buy rating on the stock with a $175 price target.

Based on Netflix’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $2.64 billion and quarterly net profit of $178 million. In comparison, last year the company earned revenue of $1.96 billion and had a net profit of $27.66 million.

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Netflix, Inc. operates as an Internet subscription service company, which provides subscription service streaming movies and TV episodes over the Internet and sending DVDs by mail. The company operates its business through the following segments: Domestic streaming, International streaming and Domestic DVD. Netflix obtains content from various studios and other content providers through fixed-fee licenses, revenue sharing agreements and direct purchases. It markets its service through various channels, including online advertising, broad-based media, such as television and radio, as well as various partnerships. Netflix was founded by Marc Randolph and Wilmot Reed Hastings Jr., on August 29, 1997 and is headquartered in Los Gatos, CA.