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Pacific Growth Keeps Buy on NetFlix

Pacific Growth reiterated its buy rating on shares of NetFlix (NFLX) on Oct. 7.

Analyst Derek Brown says Blockbuster (BBI) now expects to reach its goal of 2 million subscribers later in 2006 than originally anticipated. He believes this offers further support to his notion that an inflection point in NetFlix's business may have been triggered by Blockbuster's recent price increase. He notes NetFlix updated its third quarter guidance to reflect, among other things, accelerating trends in its core business, raising its 3.35-3.50 million subscriber totals to 3.59-3.61 million. The analyst reiterates his buy rating in light of apparent business fundamentals, competitive dynamics, and valuation considerations.

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