Netflix (NFLX) PT Lowered to $76 at Jefferies; Un-Grandfathering Boosts Churn
Jefferies analyst John Janedis reiterated an Underperform rating and cut his price target on Netflix (NASDAQ: NFLX) to $76.00 (from $80.00) as price increase drive churn.
Janedis commented, "Management highlighted that the onset of the 'un-grandfathering' process in April contributed to lighter-than-expected global sub adds for 2Q / guidance for 3Q. As this process continues through 3Q into 4Q, we expect the uptick in churn could build and maintain our UP rating / lower our PT to $76 (from $80)."
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Shares of Netflix closed at $98.81 yesterday.