UPDATE: Wedbush Upgrades Netflix (NFLX) to Outperform

May 16, 2022 6:28 AM EDT
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Price: $179.60 --0%

Rating Summary:
    25 Buy, 34 Hold, 8 Sell

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Today's Overall Ratings:
    Up: 10 | Down: 21 | New: 51
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(Updated - May 16, 2022 6:51 AM EDT)

Wedbush analyst Michael Pachter upgraded Netflix (NASDAQ: NFLX) from Neutral to Outperform with a price target of $280, saying it is in a positioned to exceed its guidance for Q2.

The analyst commented, "We think that Netflix is positioned to exceed its guidance for Q2, particularly because of the staggered release date for Ozark. While it is possible that the company will once again issue downbeat guidance for Q3, we think that the staggered release date for Stranger Things will reduce churn, and once again, we think that Netflix is positioned to grow. We do not expect wholesale changes to occur rapidly; we think Netflix will only gradually raise prices and roll out its ad-supported option. However, we think that the sooner the company shows its commitment to reducing churn by releasing new content over several weeks, investors will see an uptick in subscribers and their confidence in the Netflix business model will be restored. We do not believe that Netflix’s share price will approach 2021 levels for many years, but think that our price target of $280 is achievable within the next 12 months."

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 $187.64 yesterday.



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