Analyst: Netflix International Subs to Reach 104 Million by 202026 May, 2015 By: Erik Gruenwedel
Cowen Research projects Netflix foreign subs to surpass 22 million by the end of the current quarter
Netflix’s Wall Street bulls show no signs of taking their foot off the gas pedal. Cowen Research May 26 issued a note projecting the subscription streaming pioneer’s international subscriber base will reach 104 million by 2020. The Wall Street firm contends Netflix foreign subs will hit 22.78 million by the end of the current quarter, ending June 30.
Netflix, which ended the first quarter (March 30) with 19.3 million subs, added a record 4.9 million subs in the quarter to reach 62 million total. The additions helped up the service’s stock 12% to $533 on April 15. The stock closed May 26 up another 15% at $615 per share.
That’s still more than $100 below what Bank of America/Merrill Lynch earlier this month contended Netflix shares could reach — $722 per share.
RBC Capital raised its target price for Netflix to $700 from $600. Citigroup upped its price from $584 to $722. Pivotal Research upped its price projection to a whopping $850 from $650. Topeka Capital Markets upped to $723 from $604.
Indeed, Cowen upped its stock price target on Netflix from $625 per share to $760.
Regardless, Netflix closed May 26 with a market cap of $37.3 billion.