Citi Comments on Netflix (NFLX) Ad-Tier Update
Citi analyst Jason Bazinet reiterated a Neutral rating and $660.00 price target on Netflix (NASDAQ: NFLX).
The analyst comments "At the company's upfront preview, Netflix announced that its ad-tier has reached ~40 million MAUs, up from the 23 MAUs in December 2023. This implies the firm is adding ~4.3 million MAUs per month, which is relatively in line with the firm's pace back in December. We estimate the firm is pacing toward ~17 million ad-tier subs per year. Netflix also noted ~40% of new signups are joining the ad-tier. The company also announced it plans to bring its ad-tech offering in-house. While Microsoft will remain a partner, the company noted it plans to expand its partnership to include The Trade Desk, Google, and Magnite."
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Shares of Netflix closed at $613.66 yesterday.