Dougherty & Co Lowers Estimates and Price Target on Netflix (NFLX)
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Price: $78.16 -0.1%
Rating Summary:
57 Buy, 26 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
57 Buy, 26 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Dougherty & Co lowered its price target on Netflix (NASDAQ: NFLX) from $248 to $212 after the company lowered subscriber guidance on higher churn.
The firm also lowered net subscriber additions for Q3 from 1.5M to 1.0M which reduces their SepQ estimate from $813.2M/$0.87 to $805.0M/$0.86 and takes De11E from $3.3B/$4.12 to $3.3B/$4.10.
The firm comments, "We believe Netflix is building a power business as a next-generation pay-tv network. The company has scale, global reach and continues to outpace the competition. However, the near-term is clouded by higher than anticipated churn, a situation, which may negatively impact the fourth quarter as well. The sharp sell-off in the shares makes for a more reasonable entry point, but we want to get the Q3 report and Q4 guidance issues behind us before revisiting our rating on the stock."
For more ratings news on Netflix click here and for the rating history of Netflix click here.
Shares of Netflix closed at $208.71 yesterday.
The firm also lowered net subscriber additions for Q3 from 1.5M to 1.0M which reduces their SepQ estimate from $813.2M/$0.87 to $805.0M/$0.86 and takes De11E from $3.3B/$4.12 to $3.3B/$4.10.
The firm comments, "We believe Netflix is building a power business as a next-generation pay-tv network. The company has scale, global reach and continues to outpace the competition. However, the near-term is clouded by higher than anticipated churn, a situation, which may negatively impact the fourth quarter as well. The sharp sell-off in the shares makes for a more reasonable entry point, but we want to get the Q3 report and Q4 guidance issues behind us before revisiting our rating on the stock."
For more ratings news on Netflix click here and for the rating history of Netflix click here.
Shares of Netflix closed at $208.71 yesterday.
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