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NFLX

Netflix

$325.14

-37.36 (-10.31%)

, DIS

Disney

$141.62

-0.97 (-0.68%)

08:54
07/19/19
07/19
08:54
07/19/19
08:54

Netflix sub losses are the 'new normal', says Needham

Needham analyst Laura Martin keeps her Hold rating on Netflix (NFLX) after its Q2 net subscriber adds missed expectations with a loss of 130K U.S. subs, saying her survey of subscribers to glean the cause of churn suggests that losses may be the "new normal" for the company. The analyst notes that the churn has been linked to the "relative perceived content quality" each month with SVOD services being "not additive", as evidenced by 12% of Netflix's subscribers responding that they turned off their service to watch Game of Thrones in Q2. Martin adds that the launch of Disney+ (DIS) priced at $5.83 per month with a 1-year contract will hurt Netflix's U.S. subs unless it can also discount its service.

NFLX

Netflix

$325.14

-37.36 (-10.31%)

DIS

Disney

$141.62

-0.97 (-0.68%)

  • 03

    Aug

  • 06

    Aug

NFLX Netflix
$325.14

-37.36 (-10.31%)

07/18/19
OPCO
07/18/19
NO CHANGE
Target $410
OPCO
Outperform
Netflix early Q3 shows 'rebound,' says Oppenheimer
Oppenheimer analyst Jason Helfstein reiterates an Outperform rating and a $410 price target on Netflix's shares despite weaker than expected subscriber growth. The analyst notes that Q3 global net add guidance is 11% above the Street, on stronger content releases, which should offset Q2 concerns. Additionally, fiscal year margin outlook is unchanged, and free cash flow losses are expected to moderate in 2020, he contends. Overall, Helfstein still sees Netflix on track to garner material growth in global broadband homes.
07/18/19
MSCO
07/18/19
NO CHANGE
Target $450
MSCO
Overweight
Morgan Stanley offers reasons 'not to overreact' to Netflix subscriber miss
Morgan Stanley analyst Benjamin Swinburne offered several "arguments not to overreact" to Netflix's Q2 subscriber miss, beginning by noting that the company has missed its quarterly net additions forecast once a year in each of the last three years. In all three of these cases, the company has outperformed meaningfully the following quarter, he pointed out and in two cases the miss came in the seasonally light second quarter. Additionally, the magnitude of this miss relative to the size of the business is similar to prior misses, said Swinburne, who contends that Netflix's ability to forecast has not meaningfully changed. The analyst, whose full year net additions, revenue and earnings estimates are largely unchanged following last night's report, keeps an Overweight rating and $450 price target on Netflix shares.
07/18/19
WBLR
07/18/19
NO CHANGE
WBLR
Outperform
Netflix fundamentals unchanged after Q2 subscriber miss, says William Blair
In three of the last four second quarters, including last night, Netflix has missed subscriber guidance, William Blair analyst Ralph Schackart tells investors in a research note. In 2016 and 2018, misses in Q2 were both followed by "strong beats" to the tune of 1M subscribers in Q3, added the analyst. Further, he notes that management said Q3 of 2019 was off to a strong start in terms of subscriber additions, attributable to Stranger Things. Schackart believes Netflix's fundamentals have not changed as the company "continues its march into streamed TV." From here, the analyst sees roughly 18% share upside over the next 12 months using a long-term earnings valuation framework, which models compounded earnings growth of 34% through 2025 and a multiple of 26 times forward earnings. He forecasts 298M global subscribers at year-end 2025, and a stock price of roughly a $621 stock by 2024, with a discounted value today of roughly $378. Schackart keeps an Outperform rating on Netflix shares.
07/18/19
ADAM
07/18/19
NO CHANGE
Target $415
ADAM
Buy
Netflix subscriber weakness likely temporary, says Canaccord
Canaccord analyst Michael Graham noted Netflix reported mixed results as the subscriber net additions missed guidance and his estimates, but revenue growth accelerated for the second straight quarter, and Q3 subscriber growth should accelerate on international strength. The analyst said the subscriber miss may weigh on the shares but he still sees a strong content strategy and room to add large numbers of international subscriptions going forward. Graham reiterated his Buy rating and $415 price target on Netflix shares.
DIS Disney
$141.62

-0.97 (-0.68%)

07/03/19
LOOP
07/03/19
NO CHANGE
Target $11
LOOP
Hold
AMC Entertainment price target lowered to $11 from $15 at Loop Capital
Loop Capital analyst Alan Gould lowered his price target on AMC Entertainment (AMC) to $11 and kept his Hold rating to reflect the lower box office numbers in Q2. The analyst states that the stock was particularly hard hit by the company's higher leverage, with the adoption of new lease accounting rules suggesting that its debt levels doubled to $10B in the latest quarter. Gould also contends that the selloff may be overdone with much easier comparisons expected in Q3, though Q4 will bring added pressure from Disney's (DIS) launch of its OTT service and 2020 will be challenged by Disney's push out of Avatar sequel release.
07/09/19
NEED
07/09/19
NO CHANGE
NEED
Hold
Disney battle with Netflix in OTT to be 'expensive', says Needham
Needham analyst Laura Martin keeps her Hold rating on Disney (DIS), saying that while the valuation on the stock has gapped up based on investor expectations of it "winning" the OTT battle, she believes that it will take longer for the company to "displace" Netflix (NFLX) and beat the other competitors in the space. The analyst raises her FY20 revenue estimates to $83.4B from $76.6B to account for the contribution of the new Fox assets, but also lowers her EPS view by 15c to $6.39 to reflect the higher investments tied to Disney's OTT service, as the management will have to incur higher TV production costs due to digital platform competition coming from "Netflix, Hulu, Amazon (AMZN) Video, etc."
07/11/19
UBSW
07/11/19
NO CHANGE
Target $420
UBSW
Buy
Netflix is widening its 'competitive moat', says UBS
UBS analyst Eric Sheridan kept his Buy rating and $420 price target on Netflix (NFLX), saying he sees the company's competitive moat growing in strength. The analyst notes that while the launch of Disney+ (DIS) at the end of this year remains an unknown, the pricing power and content success of Netflix have resulted in "only modest" churn dynamics and "broad-based" add trends.
07/18/19
BMOC
07/18/19
NO CHANGE
Target $440
BMOC
Outperform
Netflix price target lowered to $440 from $470 at BMO Capital
BMO Capital analyst Daniel Salmon lowered his price target on Netflix (NFLX) to $440 after its reported shortfall on subscriber addition in Q2, which he expects to "fuel the debate" about the company's pricing power and the role of new content. Given the sequential decline in its U.S. markets and the approaching launch of Disney+ (DIS), the analyst contends that this may be a "more than just the usual" earnings-miss driven debate. Longer term however, Salmon believes that the company's revenue trend remains on track, keeping his Outperform rating on the stock and recommending Netflix, Amazon (AMZN), and Disney as a "collective investment" in the global streaming race.

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LMT

Lockheed Martin

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5.43 (1.41%)

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ICAD

iCAD

$7.09

0.19 (2.75%)

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CNHI

CNH Industrial

$11.19

-0.01 (-0.09%)

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CHE

Chemed

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0.32 (0.08%)

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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ADNT

Adient

$24.79

-0.32 (-1.27%)

12:15
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Options
Adient put volume heavy and directionally bearish »

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HLUYY

Lundbeck

$0.00

(0.00%)

, ALDR

Alder Biopharmaceuticals

$18.43

8.38 (83.38%)

12:14
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Downgrade
BMO downgrades Alder after buyout, sees another bidder as unlikely »

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Lundbeck

$0.00

(0.00%)

ALDR

Alder Biopharmaceuticals

$18.43

8.38 (83.38%)

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GM

General Motors

$37.62

-1.21 (-3.12%)

, XOM

Exxon Mobil

$73.74

1.11 (1.53%)

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On The Fly
Fly Intel: Wall Street's top stories at midday »

Stocks are lower and oil…

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General Motors

$37.62

-1.21 (-3.12%)

XOM

Exxon Mobil

$73.74

1.11 (1.53%)

CVX

Chevron

$123.81

2.35 (1.93%)

WLL

Whiting Petroleum

$10.42

2.885 (38.31%)

DNR

Denbury Resources

$1.54

0.33 (27.27%)

XOG

Extraction Oil & Gas

$3.95

0.725 (22.52%)

CDEV

Centennial Resource Development

$5.62

1.21 (27.44%)

ALDR

Alder Biopharmaceuticals

$18.42

8.37 (83.28%)

SEMG

SemGroup

$16.79

6.51 (63.33%)

ET

Energy Transfer LP

$13.52

-0.49 (-3.50%)

NEWR

New Relic

$54.62

-3.72 (-6.38%)

LL

Lumber Liquidators

$9.12

-0.65 (-6.65%)

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MGM

MGM Resorts

$28.82

-0.22 (-0.76%)

, BX

Blackstone

$53.49

-0.06 (-0.11%)

12:07
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12:07
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Periodicals
Blackstone in talks to buy Bellagio and MGM Grand, Bloomberg reports »

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MGM

MGM Resorts

$28.82

-0.22 (-0.76%)

BX

Blackstone

$53.49

-0.06 (-0.11%)

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  • 18

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CEO

Cnooc

$162.07

10.57 (6.98%)

12:05
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12:05
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Upgrade
Cnooc rating change  »

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BSX

Boston Scientific

$41.87

0.06 (0.14%)

12:05
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Conference/Events
Boston Scientific participates in a conference call with SVB Leerink »

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NEWR

New Relic

$53.86

-4.48 (-7.68%)

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  • 13

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JDST

Direxion Daily Junior Gold Miners Index Bear 3x Shares

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SCO

Scor ADR

$13.52

-3.825 (-22.06%)

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DWT

Britannia Bulk

$4.37

-2.11 (-32.56%)

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CRC

California Resources

$14.50

2.68 (22.67%)

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WLL

Whiting Petroleum

$10.27

2.74 (36.39%)

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  • 08

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HYG

iShares iBoxx $ High Yield Corporate Bond

$87.31

0.16 (0.18%)

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SEMG

SemGroup

$16.82

6.54 (63.62%)

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VLGEA

Village Super Market

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TOT

Total

$52.62

0.875 (1.69%)

11:51
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  • 24

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OCN

Ocwen

$2.00

0.01 (0.50%)

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