Netflix price target lowered to $440 from $470 at Credit Suisse
Credit Suisse analyst Douglas Mitchelson lowered his price target for Netflix to $440 from $470, while reiterating an Outperform rating on the shares. The analyst notes that Q4 app download growth remains strong at 28% quarter to date, but has moderated from Q3's 35% pace. With December historically contributing 40%-50% of Q4 app downloads and net adds, the quarter is far from over, he contends, noting that key content titles are being released in December this year and distribution deals could be improving churn. Overall, Mitchelson still expects Q4 and full year 2018 net adds will improve year over year, a trend he expects will continue in 2019 due to a remarkable content ramp even though Street estimates are for net adds to moderate year over year.