UPDATE: Netflix (NFLX) PT Lowered to $650 at Morgan Stanley
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Morgan Stanley analyst Benjamin Swinburne lowered the price target on Netflix (NASDAQ: NFLX) to $650.00 (from $700.00) while maintaining a Overweight rating.
The analyst comments ": Bracing for a challenging 1H21 due to tough YoY compares, the results appear to be softer than expected. With 1Q21 done, Netflix expects 1H21 net additions of +5mm vs. our prior estimate of +9.5mm. This appears primarily a gross additions issue, as churn is down YoY and engagement up YoY. In other words, after 2020's pull forward of growth, gross activations are down meaningfully in 1H21. This appears to be exacerbated by a 2H21-heavy content slate as a result of production delays tied to COVID."
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