Expecting Another Netflix Subscriber Growth Blowout, Analyst Hikes Price Target to $670
Netflix (NASDAQ: NFLX) may be playing it conservative by estimating it will add only 7.5 million new subscribers in the second quarter, less than half the number that signed up in the first, but Wall Street isn't buying it.
Goldman Sachs (NYSE: GS) analyst Heath Terry says app downloads hit a record during the period as the streaming giant continued to add new content. He forecasts Netflix will report adding as many as 12.5 million new subscribers during the period that ended last month.
The analyst also believes that analysts' consensus estimates for Netflix's earnings in the back half of 2020 and beyond are too low, so he's raised his price target on the streaming service provider to $670 a share, or 32% above where the stock closed Thursday.
Source Fool.com
