Piper Jaffray analyst Michael Olson says his firm's analysis of Netflix search trends suggests upside potential for both international and domestic subscribers in Q3. The analyst models 10.9% year-over-year domestic sub growth in Q3, above the consensus of 10.7%, while his firm's search index points to 16% growth. For international, Olson models 42% year-over-year sub growth, in line with consensus, while his firm's index points to 78% growth. The analyst, while admitting Piper's index has some degree of error, sees a "high likelihood" of Q3 subscriber upside for Netflix. He believes the streaming service is well positioned to have over 100M international subscribers by 2020. Olson maintains an Overweight rating on the shares with a $215 price target.

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