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Investors should buy Netflix shares into its earnings report next week even after its stunning gains this year, according to Goldman Sachs.
The firm raised its price target to $360 from $315 for Netflix shares and reaffirmed its buy rating for the video streaming internet company. Goldman also predicts Netflix will post subscriber gains above expectations this year.
"We continue to believe that Netflix is likely to report 1Q results above consensus expectations on the back of a strong content slate, newer distribution partnerships, and the initial impact of marketing investments," analyst Heath Terry wrote in a note to clients Tuesday.
Netflix's shares rose 1.9 percent Wednesday. They are up 55 percent this year through Tuesday, which is the third best performance in the S&P 500.
The analyst predicts Netflix will add 1.7 million domestic and 5.6 million international subscribers in the first quarter versus its guidance of 1.45 million and 4.9 million respectively. He also forecasts the company will gain 21.8 million international subscribers for the year versus the Wall Street consensus of 19.6 million.
"Beyond the quarter, we continue to believe long term subscriber growth and profitability will exceed current consensus expectations as Netflix realizes the global scale benefits that come from its subscriber base, distribution network and content library," he wrote.
Morgan Stanley and J.P. Morgan also raised their price targets for Netflix on Tuesday.
Netflix is slated to report its first-quarter earnings results on Monday.