Credit Suisse analyst Doug Mitchelson lowered the price target on Netflix (NASDAQ: NFLX) to $440.00 (from $450.00) after the company posted its worst subscriber miss ever while Revenue was in line and EBIT well ahead (+53%).

The analyst stated "Some will say this miss suggests maturation or lack of pricing power; we see neither. We would note Netflix misses have been followed by strong qtrs, and, along those lines, we expect Netflix’s very strong 2H slate will lead to a rebound in sub growth. Also, price increases of over 10% leading to a 1% shortfall in subs does not suggest a lack of pricing power; in fact, just the
opposite".

No change to the Outperform rating.