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Stifel Nicolaus analyst Scott Devitt expects Netflix Inc.‘s international subscribers to surpass its domestic subscribers within the next five to six years.
Devitt, who upgraded Netflix to “buy” from “hold” with a $380 price target, believes the company will have about 100 million global subscribers by 2018.
“While 4Q may continue to be bumpy, we believe 2015 will see resumed growth from launches in Western Europe in mid-September 2014, particularly from large countries such as France, Germany, and Switzerland, as well upcoming launches,” the analyst said in a Jan. 13 research note.
The analyst expects the company to expand further in Western Europe, with Spain, Portugal, and Italy being the next likely targets
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