Bob Peck of Suntrust Sees Olympic Challenges for Netflix (NFLX)
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Rating Summary:
43 Buy, 27 Hold, 4 Sell
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SunTrust Robinson Humphrey analyst, Robert Peck, maintained his Neutral rating on shares of Netflix (NASDAQ: NFLX) after sub adds (reported and guided, Int’l and Domestic) were well below sell-side consensus and visibility is likely to remain challenged near term given ongoing ungrandfathering (3Q and 4Q) and the Olympics (3Q). He materially reduced his sub adds forecast, though the revenue outlook is generally unchanged (higher ARPU per ungrandfathering).
He also raiseed his our below-consensus EPS forecast on lower tax rate. The 2016 price target goes to $100 (From $110) valuing Domestic at ~$21b (14x ’17 EV/EBITDA) and Int’l at ~$25b (5x ’17 EV/ revenue).
For an analyst ratings summary and ratings history on Netflix click here. For more ratings news on Netflix click here.
Shares of Netflix closed at $98.81 yesterday.
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