Netflix (NFLX) PT Lowered to $92 at KeyBanc

KeyBanc analyst Justin Patterson lowered the price target on Netflix (NASDAQ: NFLX) to $92.00 (from $115.00) while maintaining an Overweight rating.

The analyst commented: "Feeling '22; with Engagement a Concern, Looking for New Levers? The narrative around Netflix reminds us of 2022, as concerns around engagement have evoked concerns around LT growth and driven P/E multiple compression. 2022's challenges were addressed with an ad-tier and paid sharing. This time around, we believe levers will likely center around content and product diversification (both through TF1-type partnerships and live events) that aid perceived content quality, and support better monetization per hour. As such, we maintain our OW-rating but lower our PT to $92 to reflect a more conservative multiple (20x 2028E P/E) and more modest EPS growth."

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