Netflix (NFLX +24.6%) continues to skyrocket as sell-side PTs surge following a Q1 beat fueled...
Netflix (NFLX +24.6%) continues to skyrocket as sell-side PTs surge following a Q1 beat fueled by higher margins (aided by a Y/Y drop in content cash outflows) and domestic streaming adds at the high end of Netflix's guidance; for now, the Street is willing to overlook Q2 guidance for a sizable Q/Q drop in domestic streaming adds. The results demonstrate Netflix's model "continues to show operating leverage," says Cantor, raising its PT to $230. On the earnings call, Reed Hastings admitted Hulu and Amazon have been "bidding more aggressively" over the last 12 months - that could explain the pending Viacom deal expiration. Content liabilities stood at $5.7B at the end of Q1, up $100M Q/Q.
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