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analyst price target Netflix stock for 2023
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May 03, 2022 10:03 am
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May 03, 2022 10:04 am
Ark Invest, led by Kathy Wood, weakened all of its positions in Netflix in February. However, Ark sees Tesla as its biggest bet yet. Why it matters: Netflix on Tuesday reported a massive loss of 200,000 subscribers in the first quarter and gave gloomy forecasts. Netflix said that in the near future, revenue will not grow as fast as it would like. The pandemic has clouded the picture, greatly boosting the company's growth in 2020, leading it to believe that much of the slowdown in 2021 was due to moving forward due to COVID-19.
May 03, 2022 10:05 am
⏹ Netflix target price is $300 - BofA Securities; $300 - JPMorgan
May 03, 2022 10:05 am
🔥 Price and rating revisions after the Netflix report
🔻 Pivotal Research analyst Jeffrey Wlodarchak downgraded the rating twice to Sell from Buy with a target price of $235.
🔻Piper Sandler analyst Thomas Champion downgraded the stock from Outperform to Neutral with a target price of $293.
🔻KGI Securities analyst Freddy Chen downgraded the rating from "Outperform" to "Neutral" with a target price of $350.
🔻Atlantic Equities analyst Hamilton Faber downgraded the rating from Overweight to Neutral with a target price of $280.
🔻UBS analyst John Hodulik downgraded the rating from Buy to Neutral with a target price of $355.
🔻Stifel analyst Scott DeWitt downgraded from Buy to Hold with a target price of $300.
🔻JPMorgan analyst Doug Anmuth downgraded from Outperform to Neutral with a target price of $300.
🔻Deutsche Bank analyst Brian Kraft lowered his price target to $300 and maintains a Hold recommendation.
🔻Barclays analyst Kannan Venkateshwar lowered his price target to $275 and retained his "Peer with Market" rating.
May 03, 2022 10:08 am
— Netflix lost 200,000 paid subscribers in the first quarter of 2022, when the goal was to increase their number by 2.5 million. This happened against the backdrop of the company leaving Russia, where there were 700,000 paying subscribers. Without taking into account the withdrawal from the Russian Federation, the increase would have amounted to 500 thousand, which is still 5 times less than the target.
- One of the reasons for the slowdown in growth figures Netflix cites the problem with the exchange of accounts of households with each other. Users are trying to save on subscription fees, depriving the company of potential revenue
- The company presented a sad forecast for the future - the service may miss another 2 million paid subscribers. Despite the fact that, according to Nielsen analysts, Netflix's share of TV viewing in the US rose to 6.4% in February, competition from other services (Amazon, Youtube, Disney+) continues to grow.
- Decrease in profits. The company's quarterly revenue grew by 10% compared to the 1st quarter of 2021, to $7.868 billion. The dynamics of net profit is the opposite - a fall of 6.5%, although it turned out to be higher than analysts' forecasts.
What is Netflix doing?
Management plans to increase revenue growth by improving the service and introducing more efficient ways to monetize accounts shared by multiple households. The company is also betting on growth outside the US. In addition, according to Bloomberg, Netflix plans to create its own cheap counterpart with ads. Sources of the publication say that the company will introduce new tariffs for content within 1-2 years.
May 03, 2022 10:10 am
Netflix downgrade (NFLX)
⬇️ Baird cuts target price to $260 from $420
May 03, 2022 10:11 am
🔻Rank Down:
Netflix (NFLX) Edward Jones Downgrades to Hold from Buy
Netflix (NFLX) DZ Bank Downgrades to Hold from Buy - PT $280