Piper Jaffray Maintains Overweight on Netflix

Piper Jaffray is out with its report today on Netflix (NASDAQ: NFLX), maintaining Overweight.

In its report, Piper Jaffray writes, "Early Q3 web traffic data from ComScore suggests that Netflix sub adds may be tracking ahead of estimates. The web traffic data for Netflix.com for the first month of Q3 shows traffic growth decelerating 14 points vs. Q2 (up 37% y/y in Q3 vs. up 51% in Q2). We are modeling for y/y growth in domestic gross sub adds to decelerate by 51 percentage points in Q3 (23% y/y in Q3 vs. 74% y/y in Q2). While the Netflix plan pricing changes do not take effect for existing subs until September, we believe estimates are generally conservative and the ComScore data is a positive indication for Netflix's Q3 sub growth."

Piper Jaffray maintains a $330 PT on NFLX.

At the time of posting, shares of NFLX were trading at $234.01, down 1.59% from Tuesday's close.