Netflix outperforms following Citi PT hike

|By:, SA News Editor

Citi's Mark May, who started coverage on Netflix (NFLX +0.9%) with a Neutral in July, has raised his PT to $390 from $355, albeit while maintaining his original rating.

May declares Netflix "the largest and most innovative company in the Internet TV sector," and is lifting his broadband penetration and Netflix subscriber forecasts for the streaming giant's international markets.

He now expects Netflix's international sub base to post a 39% CAGR from 2013-2016, up from a prior 31%, and is modeling 15% growth for later years. May also continues to expect a $1/month U.S. price hike in 2016.

Shares are trading higher on a down day for the Nasdaq. They're up 296% YTD.