Netflix stock slips even as BofA says domestic subscribers look 'better than projected'
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Netflix (NASDAQ:NFLX) stock slipped in premarket trading on Friday even as investment firm Bank of America said the company's U.S. and Canadian subscribers may be "better than projected," citing third-party data.
Analyst Jessica Reif Ehrlich, who reiterated her buy rating and per-share price target of $410 on Netflix (NFLX), cited an unnamed third-party data source that shows the company will add subscribers in North America at a "significantly stronger" rate than the 100,000 Wall Street is expecting.
"Specifically, the data source has indicated that net adds will be greater than +500k for [U.S. and Canada] as gross adds in Canada have accelerated materially," Reif Ehrlich wrote in an investor note. 
Reif Ehrlich also noted the password sharing crackdown in Canada has gone well, which "bodes well" for an eventual launch in the U.S., even if it doesn't boost the company's first-quarter revenue that much. 
"The indication of much stronger than anticipated sub data in Canada is an encouraging sign that NFLXâs recent crackdown on password sharing is driving new subs to the service," the analyst added.
Currently, Netflix (NFLX) is running password sharing crackdown campaigns in Canada, New Zealand, Portugal and Spain. 
Netflix (NFLX) shares surged on Thursday, leading media companies amid a volatile session on Wall Street.