Anmuth reiterated his "overweight" rating on the stock in a research note to clients on Thursday where he suggested that the streaming service's international opportunities are strong. Anmuth has a $500 price target for Netflix.
"We're increasingly confident in our Netflix international subscriber estimates as our bottom-up work suggests Netflix is likely to continue witnessing strong penetration internationally," Anmuth writes in a research note to clients in which he reiterates his "overweight" rating. The analyst estimates that Netflix's international market opportunity could be approximately 100 million broadband subscriptions. The company had approximately 10.5% penetration of this market at the end of 2013, he writes.
"We expect the late 2014 expansion in Western Europe to increase Netflix's international opportunity by ~60-70M broadband households," Anmuth wrote. "We believe Netflix is well-positioned to grow its penetration in Western Europe based on its broad content selection and merchandising, originals, and marketing capabilities."