All Smiles For Netflix!

Reed Hastings, Netflix CEO

Two bits of good news for Netflix today:

  • Blockbuster may close as many as 960 U.S. stores. (Also good news for Redbox.)
  • JP Morgan initiated coverage with an “overweight” rating and Dec. 2010 price target of $53 — up 18%. “We believe the company is poised to continue to add subscribers in the near term and to successfully transition away from DVD-by-mail in the medium term,” they wrote.

Netflix shares closed up 4% today.

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