Oppenheimer Assumes Netflix (NFLX) at Outperform, 'Production Delays Transitory; Massive 2H Content Rollout Creates Favorable Backdrop'
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Oppenheimer analyst Jed Kelly assumes primary coverage on Netflix (NASDAQ: NFLX) with a Outperform rating and a price target of $620.00.
The analyst comments "We are assuming coverage of NFLX, maintaining an Outperform rating and a $620 price target. We view the softer 2Q subscriber outlook (3.6M below Street estimate) on C19 delaying new content as transitory, and see a favorable backdrop for backhalf net adds on accelerating production releases later in the year. In addition, churn is now below pre-price increase levels, a solid indicator for pricing power, especially with a massive content library that will benefit from the company returning to full production faster than competitors. We see NFLX on a clear trajectory towards improving margins while FCF is inflecting positive to fully self-fund productions and establish a $5B buyback program."
Shares of Netflix closed at $549.57 yesterday.
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