Netflix Shares Shoot Up 20% On Subscriber Growth

LOS GATOS (CBS SF) - Netflix (NFLX) is getting a rousing cheer on Wall Street following its first quarter earnings.

The numbers for the Los Gatos-based company were largely in line with revenue climbing 23.6-percent to $1.57-billion, but its impressing on its subscriber growth, topping expectation in the U-S and overseas, with gains of 2.3 million and 2.6-million respectively.

An analyst with FBR Capital is getting the bandwagon going, giving Netflix an astronomical price target of $900 on the basis the company will have 180-million global subscribers by 2020, tripling its current number.

Analysts with RBC Capital, Topeka Capital and SunTrust are also lifting their price targets, but to a more earth-bound range of $550-$600.

Netflix started Thursday at $475, but were up roughly $90 for the day as of noon.