Piper Sandler analyst Michael Olson's preliminary "Netflix Navigator" search index points to Q1 subscriber upside for both U.S. and Canada as well as international. The search index analysis suggests Q1 U.S. and Canada subscriber growth of 3.8% year-over-year, above the consensus estimate of 1.6%, and international growth of 32.5%, above the consensus of 29.9%. Netflix continues to capture a significant portion of traditional content consumption dollars as that spend migrates to streaming, and the company is a near-term beneficiary as coronavirus fears push consumers away from travel and out-of-home entertainment, Olson tells investors in a research note. The analyst keeps an Overweight rating on the shares with a $400 price target.