Piper Jaffray analyst Michael Olson raised his price target for Netflix (NFLX) to $420 from $367 and reiterates an Overweight rating on the shares. The streaming service closed yesterday down $1.52 to $390.40.

The analyst's analysis of Netflix search trends points to a "solid" Q2, with potential upside for international subscribers and likely in-line domestic subs. The search index points to 11.9% year-over-year domestic sub growth versus the consensus estimate of 11.5%. It also points to 48.7% year-over-year international sub growth versus the consensus of 40.9%.

Olson sees a "high likelihood" of strong Q2 results from Netflix.