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NFLX

Netflix

$413.31

-3.14 (-0.75%)

09:24
07/13/18
07/13
09:24
07/13/18
09:24

Netflix Q2 and Q3 may see subs above consensus, says MKM Partners

MKM Partners analyst Rob Sanderson kept his Buy rating and $390 price target on Netflix ahead of its Q2 earnings on Monday, saying the run-up in the stock price suggests investor expectations of better than expected subscriber growth and above-consensus outlook for Q3. The analyst notes that in spite of the "relatively weaker" content slate in Q2, the momentum will continue, leading to another quarter of "strong results". Sanderson adds that Netflix has become a "must own" for growth managers, and fund positioning has adjusted this year toward higher weightings while the short interest has declined by 8M shares since mid-December.

  • 16

    Jul

NFLX Netflix
$413.31

-3.14 (-0.75%)

07/12/18
07/12/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. UBS CUTS NETFLIX TO NEUTRAL: UBS analyst Eric Sheridan downgraded Netflix (NFLX) to Neutral while raising his price target for the shares to $425 from $375. The stock has appreciated 35% since the Q1 earnings report and 117% year-to-date, Sheridan told investors in a research note. The analyst said he believes the shares already reflect a 40 times GAAP EBITDA multiple on 2022 estimates. In addition to valuation, Sheridan does not see the "pronounced upside" to Monday's Q2 results relative to prior quarters. B RILEY FBR ALSO CAUTIOUS ON NETFLIX: Searches for new Netflix shows slowed to flattish versus the year-ago period, and year-over-year growth in global searches for the term "Netflix" also slowed somewhat, B. Riley FBR analyst Barton Crockett told investors in a research note. Amid heightened expectations, the analyst finds the flattish search volume as "potentially cautionary." The analyst reiterated a Neutral rating on Netflix with a $313 price target. After the cautious notes, Netflix is down almost 2% in late morning trading. GOLDMAN SACHS RAISES TWITTER TARGET: Goldman Sachs analyst Heath Terry raised his price target on Twitter (TWTR) to $55 and kept his Buy rating, saying that despite the run-up in the stock price year-to-date, consensus expectation on the company continue to underestimate its drive to increase and better monetize user engagement. The analyst contended that despite trading at a higher valuation on enterprise value to expected FY19 EBITDA, its growth rate justifies the premium. BROADCOM DOWNGRADED FOLLOWING CA DEAL: B. Riley FBR analyst Craig Ellis downgraded Broadcom (AVGO) to Neutral and lowered his price target for the shares to $245 from $308 following the company's acquisition of CA Technologies (CA). The deal adds strategic and operational uncertainty, Ellis tells investors in a research note. RBC Capital analyst Amit Daryanani also downgraded Broadcom, to Outperform from Top Pick, and lowered his price target to $300 from $330 after its acquisition of CA Technologies. The analyst noted that the deal places Broadcom "in the penalty box from a valuation expansion perspective", stating that while it offers "strong accretion" and provides a "foundation to perhaps scale its model beyond traditional semiconductor sector", it is also entering a market where it has limited history, likely tempering investor optimism on the stock going forward. Broadcom shares were also downgraded by analysts at Longbow, Macquarie and B. Riley FBR following last night's deal announcement.
07/12/18
07/12/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Neutral from Buy at UBS with analyst Eric Sheridan saying the stock has appreciated 35% since the Q1 earnings report and 117% year-to-date. 2. Perrigo (PRGO) downgraded to Sell from Neutral at Goldman Sachs with analyst Jami Rubin saying she sees "no meaningful risk" to estimates but expects the "business to drift" due to a lack of meaningful new launches in the pipeline. 3. Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Andrew Rosivach citing significant share price outperformance and relative valuation. 4. Cedar Fair (FUN) downgraded to Neutral from Buy at Goldman Sachs with analyst Christopher Prykull citing the softer-than-expected mid-year revenue update. 5. Broadcom (AVGO) downgraded to In Line from Outperform at Evercore ISI, to Outperform from Top Pick at RBC Capital, to Neutral from Buy at B. Riley FBR, and to Neutral from Outperform at Macquarie. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/12/18
RILY
07/12/18
NO CHANGE
Target $313
RILY
Neutral
Searches for Netflix shows slowed to flattish, says B. Riley FBR
Searches for new Netflix shows slowed to flattish versus the year-ago period, and year-over-year growth in global searches for the term "Netflix" also slowed somewhat, B. Riley FBR analyst Barton Crockett tells investors in a research note. The analyst says this is the first time he's detected flattish growth since the "big originals ramp started." Amid heightened expectations, the analyst finds the flattish search volume as "potentially cautionary." Netflix has had "stock performance that challenges the investing bromide that trees can't grow to the sun," Crockett writes. He believes the Google search slowdown "adds a little substance for those of us who are inclined to have some caution." The analyst reiterates a Neutral rating on Netflix with a $313 price target. UBS this morning downgraded the shares to Neutral from Buy.
07/12/18
ADAM
07/12/18
NO CHANGE
Target $500
ADAM
Buy
Netflix price target raised to $500 from $350 at Canaccord
Canaccord analyst Michael Graham raised his price target on Netflix (NFLX) to $500 from $350 and maintained a Buy rating ahead of the company's earnings on Monday, which will kick off FANG earnings season. In a research note to investors, Graham says that while the Netflix valuation and recent stock doubling "make us nervous," he sees scope to increase subscriber estimates.

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