Netflix (NFLX) Clamps Down on Password Sharing, BMO Capital Reiterates Outperform
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(Updated - March 15, 2021 6:47 AM EDT)
BMO Capital analyst Daniel Salmon reiterated an Outperform rating and $700.00 price target on Netflix (NASDAQ: NFLX) suggesting investors take profits in ViacomCBS (NASDAQ: VIAC) and grow their positions in Netflix ahead of buybacks resuming in 2H21. The company began cracking down on password sharing noting that in the week March 12th, some users began getting a message stating “If you don’t live with the owner of this account, you need your own account to keep watching.” In order to continue, they need to verify the account with a E-mail or Text Code, or create a new account with a 30-Day Free Trial. This appears to be only on TV devices.
The analyst stated "NFLX has always held the password sharing clampdown card and reports it has begun to play it last week make sense to help drive some incremental gross subscriber additions and smooth the
member growth trend relative to the unprecedentedly difficult comps vs the first few weeks of the pandemic a year ago. This could drive upside to 1Q consensus subscriber estimates as well."
Shares of Netflix closed at $518.02 yesterday.
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