JPMorgan analyst Doug Anmuth raised his price target for Netflix (NFLX) shares to $178 from $175 following last night’s Q1 earnings report. The stock in premarket trading was down 25c to $147.00.

While content timing can shift subscriber additions quarter by quarter, the underlying secular trend toward Internet TV “remains very strong,” Anmuth tells investors in a research note. Netflix’s weaker than expected subscriber additions in Q1 is partly a function of lighter content releases in the quarter, the analyst contends.

Anmuth points out that the stronger than expected Q2 guidance leaves first half of 2017 global net additions essentially unchanged or ahead at just over 8M. He reiterates an Overweight rating on Netflix.