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Matthew banks macquarie linkedin6/9/2023 ![]() ![]() “That said, there were multiple bullish indicators as well, led by a more aggressive second-quarter paid sharing rollout following limited membership disruption and quick revenue accretion from the launch in Canada in the first quarter. “Guidance for second-quarter revenue, operating income and paid net adds came in below consensus, bolstering the bear case,” Morris explained. Guggenheim analyst Michael Morris maintained his “buy” rating and $375 price target on Netflix’s stock following the earnings update in a report whose title could also be read as a reference to the streamer’s series Beef, which has drawn acclaim but also made headlines with a resurfaced controversy involving a co-star: “Beef? Bulls, Bears Collide on Mixed Quarter, Initiative Progress.” “Netflix represents a frankly unique tech growth story and remains well positioned to generate solid subscriber and revenue/free cash flow growth even given a potential global recessionary environment via their better monetization of the approximate 100-plus million households that currently utilize Netflix outside of the paying household via password sharing.”īank of America‘s Jessica Reif Ehrlich reiterated a “buy” rating and a $410 price target, noting: “we believe Netflix is poised to outperform driven by three main catalysts: (1) still significant subscriber runway (2) ramping of its AVOD offering and (3) upside from password sharing crackdown.” “Mainly driven by management commentary around content spend being lower than our relatively conservative expectations, we raised our earnings before interest, taxes, depreciation and amortization and free cash flow forecasts,” which led to the price target increase, Pachter noted. A couple of them upgraded their stock price target though.įor example, Pivotal Research Group analyst Jeffrey Wlodarczak reiterated his “buy” rating on Netflix, while boosting his stock price target by $25 to $425 in a report entitled “Unique Growth Story.” Most experts didn’t come away with their minds, or stock ratings, changed. With much to digest for Wall Street, analysts got a chance to dig deeper into data points supporting their bull or bear arguments, or dissect both. Minutes into Wednesday’s trading session, Netflix shares were down 3.7 percent at $321.32. Jock Zonfrillo, Chef and 'MasterChef Australia' Judge, Dies at 46
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