BofA Securities raised the price target on Netflix (NFLX) to $700 from $650 while maintaining its buy rating after the company reported “strong” Q1 results “including net adds” of 9.3 million.
By comparison, the brokerage expected a 5.1 million estimate. analyst Jessica Reif Ehrlich wrote.
Netflix will no longer disclose paid members , starting Q1 next year, Ehrlich said, citing the entertainment media giant.
The brokerage sees the change as “a contributor to the negative after-market stock reaction.”
Netflix has an average outperform rating and a price target range of $440 to $765, according to analysts polled by Capital IQ.