Wall Street analysts were scrambling to upgrade streaming media giant Netflix, Inc. (NASDAQ:NFLX) this morning, following yesterday’s blockbuster earnings report.
Last night after the closing bell, Netflix posted better-than-expected Q3 results, which included very strong subscriber growth. Growth was particularly good overseas, with international customers now providing the bulk of the company’s growth.
NFLX shares exploded higher following the report, which caught many Wall Street analysts off guard. Accordingly, many firms are out this morning with bullish calls on the stock, reversing their previous bearish or neutral sentiment.
Here’s a summary of the analyst moves we’ve seen this morning so far:
The lone holdout on the bearish side was Jefferies & Co, which reiterated their Sell rating and $80 price target for NFLX. Staying neutral were Citigroup (Hold rating, $120 PT) and Needham & Co (Hold rating).
Netflix shares rose $19.44 (+19.48%) to $119.24 in Tuesday morning trading. Year-to-date, NFLX is now up 4.15%, putting it roughly in-line with the benchmark S&P 500 during the same period.