BMO Capital Starts Netflix (NFLX) at Outperform
BMO Capital analyst Daniel Salmon initiates coverage on Netflix (NASDAQ: NFLX) with a Outperform rating and a price target of $700.00.
The analyst comments "NFLX fell short of 1Q subscriber guidance and 2Q net adds consensus as the tough comps proved too much. Gross additions were weaker than expected partly due to a light content slate, but churn continued to improve as price increases worked through several major markets. Meanwhile, a $5B share buyback will begin this quarter, and we continue to recommend shares as NFLX is now passing its primary 2021 Bear point, making this a particularly attractive buying opportunity relative to typical quarterly sub misses."
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Shares of Netflix closed at $549.57 yesterday.