Oppenheimer Assumes Netflix (NFLX) at Outperform, 'Production Delays Transitory; Massive 2H Content Rollout Creates Favorable Backdrop'

April 21, 2021 4:18 AM EDT
Get Alerts NFLX Hot Sheet
Price: $490.68 +0.36%

Rating Summary:
    43 Buy, 15 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 5 | New: 58
Trade Now! 
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

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."

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 $549.57 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Hot Comments, Hot New Coverage, New Coverage