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NFLX

Netflix

$318.25

-9.32 (-2.85%)

14:41
04/23/18
04/23
14:41
04/23/18
14:41

Netflix to issue debt as it looks to add content with acquisitions, production

Earlier Monday, Netflix announced plans to offer $1.5B in debt notes for general corporate purposes, which may include content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions. ADDING INTELLECTUAL PROPERTY: The streaming giant reported first quarter results last week that included the addition of 7.4M subscribers in Q1, beating expectations. Netflix said the large number of new subscribers is attributable to the "growing breadth of our content and the worldwide adoption of internet entertainment." With its earnings report, the company indicated an interest in adding to intellectual property. During its earnings presentation, Netflix Chief Content Officer Ted Sarandos confirmed the company's ambitions, saying "In terms of using M&A to acquire intellectual property, it could be a very useful tool." PRICE ACTION: Currently, shares of Netflix are down around 2.5% to $319.44 per share.

NFLX Netflix
$318.25

-9.32 (-2.85%)

04/17/18
PIVT
04/17/18
NO CHANGE
Target $420
PIVT
Buy
Netflix price target raised to $420 from $400 at Pivotal Research
Pivotal Research analyst Jeffrey Wlodarczak noted that Netflix reported better than expected Q1 subscriber additions and raised its operating margin expectations. Following the report, he raised his subscriber forecasts for 2018 and 2019 and lowered his 2018 cost view moderately, leading Wlodarczak to increase his price target on the stock to $420. He maintains a Buy rating on Netflix shares.
04/17/18
BMOC
04/17/18
NO CHANGE
Target $324
BMOC
Market Perform
Netflix price target raised to $324 from $310 at BMO Capital
BMO Capital analyst Daniel Salmon raised his price target on Netflix to $324 after the company's above-consensus Q1 earnings and Q2 guidance. Salmon says the company has made improvements on churn, developed more original content, and accomplished more with its distribution partnerships while also demonstrating its marketing effectiveness and boosting its per-subscriber leverage. The analyst is keeping his Market Perform rating on Netflix as shares "properly value" the company's opportunity, but adds that a "pullback/controversy/new story" would lead him to consider a more bullish stance.
04/17/18
RBCM
04/17/18
NO CHANGE
Target $360
RBCM
Outperform
Netflix price target raised to $360 from $350 at RBC Capital
RBC Capital analyst Mark Mahaney raised his price target on Netflix to $360 after the company's "very strong" Q1 results, saying 2018 looks to be an "inflection year" for the stock. The analyst cites Q1 net subscriber adds' consensus beat of 32% for domestic and 9% for international segments, while the outlook for Q2 was above the Street by 23% and 19% respectively. Mahaney also points to improving profitability, as Netflix domestic contribution margin expanded by 400bps to 38% and international margin reached a record high of 15%. The analyst keeps his Outperform rating on Netflix, maintaining his view of the company's "King of Content" position amid a rapid global ramp in demand for internet TV.
04/18/18
ARGS
04/18/18
NO CHANGE
ARGS
Hold
Netflix valuation remains 'significantly higher' than peers, says Argus
Argus analyst Joseph Bonner kept his Hold rating on Netflix (NFLX) but raised his FY18 EPS view to $2.89 from $2.73 after the company's Q1 earnings beat. The analyst says the company is benefiting from the "secular growth of internet-delivered on-demand video" but also warns that it is taking on more debt, resulting in a "stunning" cash-burn rate. Bonner adds that the market is still judging the company by its subscriber growth while overlooking the costs associated with the ramp in content production and content licensing. The analyst is also cautious on Netflix valuation as its trailing enterprise value to EBITDA multiple is 136-times relative to 29-times peer average and 48-times at Amazon (AMZN).

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