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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 06:51 EDT
Deutsche Bank analyst Bryan Kraft raised his price target for Hold-rated Netflix to $125 citing an increased international subscriber outlook. The analyst believes Netflix will likely exceed its guidance and consensus estimates for Q1 international subscribers, which he calls the "key driver of the stock price." Kraft sees the stock going higher in the short term but keeps a Hold rating on the name due to valuation.
News For NFLX From the Last 2 Days
Oct 17, 2017 | 05:17 EDT
JPMorgan analyst Doug Anmuth raised his price target for Netflix shares to $242 following the company's Q3 results. The streaming service is up 2% to $207.00 in premarket trading. Netflix's "virtuous circle continues," led by the shift to Internet entertainment and the company's "strong" content slate, Anmuth tells investors in a post-earnings research note. He now projects global streaming subscribers approaching 200M in 2021. The analyst reiterates an Overweight rating on the shares.
Oct 17, 2017 | 05:12 EDT
Jefferies analyst John Janedis raised his price target for Netflix to $190 citing International subscriber growth acceleration following the company's Q3 results.There were few surprises in the quarter, Janedis tells investors in a post-earnings research note. He keeps a Hold rating on Netflix.
Oct 16, 2017 | 17:31 EDT
UP AFTER EARNINGS: Netflix (NFLX), up 1.2%. ALSO HIGHER: Immune Design (IMDZ), up 8.9% after it announced "positive" FDA feedback on its Phase 3 trial for CMB305... Spirit Airlines (SAVE), up 5.5% after it raised its total RASM guidance for the third quarter... UnitedHealth (UNH), up 0.4% after the stock was initiated with an Outperform rating at BMO Capital. DOWN AFTER EARNINGS: Badger Meter (BMI), down 10.4%... Sonic (SONC), down 2.2%. ALSO LOWER: Vical (VICL), down 4.6% after it filed to sell $23M of common stock... Abeona Therapeutics (ABEO), down 4.2% after it filed to sell common stock.
Oct 16, 2017 | 14:25 EDT
Netflix (NFLX) is scheduled to report results of its third fiscal quarter after market close on October 16, with a conference call scheduled for 6:00 pm ET. What to watch: 1. SUBSCRIBER FORECASTS, PRICE HIKE: Netflix's subscriber numbers are a closely-watched measure of the company's growth trajectory. Last quarter, the company reported streaming net additions of 5.2M members, including second quarter U.S. additions of 1.07M and international additions of 4.14M members. Turning to its Q3 outlook, Netflix had forecast streaming net additions of 750,000 in the U.S. and international streaming net additions of 3.65M. On October 5, Netflix announced a price increase in the U.S., U.K., and other select markets, noting that the last time it had changed prices in the U.S. was 2015. 2. NO 'UN-GRANDFATHERING' THIS TIME: A number of analysts have been bullish about Netflix shares since its price increase announcement, voicing support for its pricing power. Morgan Stanley analyst Benjamin Swinburne raised his price target on Netflix shares to $225 from $210, stating that he expects less of a churn impact from its new domestic price increases. He estimates that higher average revenue per user will more than offset the estimated near-term subscriber impact from the price increases and raised his 2018 revenue estimates to reflect that view. Stifel analyst Scott Devitt raised his price target on Netflix to $230 from $200 ahead of the company's Q3 earnings report, saying he expects "healthy subscriber trends" in the quarter and for the current price increase to be much less disruptive than last year. Meanwhile, Goldman analyst Heath Terry believes Netflix consensus subscriber estimates are too low, particularly for Q4 and beyond. Terry's second half net subscriber addition forecast of 13.9M is considerably above consensus of 10.8M, which he believes management is likely to exceed. Terry also boosted Netflix's price target to $235 from $200 on faster top-line growth and revised estimates and reiterated his Buy rating on the shares. 3. BULLISH EVEN BEFORE HIKE: Early this month, before the company announced its price increase plans, UBS and Piper Jaffray predicted that the company's third quarter subscriber data would come in above expectations. The positive momentum that Netflix saw in the second quarter continued at similar rates in the third quarter, wrote analyst Doug Mitchelson on October 4, noting that the continued strong year-over-year subscriber growth "across almost all markets" came despite a downturn in the quality of the company's original programming last quarter. He raised his Q3 U.S. net subscriber addition estimate by 100,000 to 850,000 and increased his Q3 international net add estimate by 300,000 to 3.95M. Meanwhile, on the same day, Piper Jaffray's Michael Olson said that after analyzing Google search trends he believed that Netflix's international and domestic subscriber growth beat expectations last quarter. The analyst said the search data suggests that the company's U.S. subscriber base jumped 16% in Q3, while its foreign subscriber base surged by 71% year-over-year, both of which were better than the consensus growth outlook at that time.
Oct 16, 2017 | 13:13 EDT
Notable companies reporting after the market close, with earnings consensus, include Netflix (NFLX), consensus 32c... Celanese (CE), consensus $1.92... IDEX (IEX), consensus $1.06... Sonic (SONC), consensus 43c.
Oct 16, 2017 | 10:26 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Netflix (NFLX) initiated with a Hold at Aegis. 2. Best Inc. (BSTI) was initiated with a Buy at Deutsche Bank, Stifel, and Goldman Sachs, an Outperform at Credit Suisse, as well as an Overweight at KeyBanc. 3. Oasis Midstream Partners (OMP) was initiated with an Overweight at Morgan Stanley and JPMorgan, an Outperform at RBC Capital, a Buy at Citi and Goldman Sachs, as well as a Market Perform at Wells Fargo. 4. Zai Lab (ZLAB) was initiated with a Buy at Citi and a Neutral at JPMorgan. 5. (DESP) was initiated with a Neutral at UBS, an Overweight at KeyBanc, an Equal Weight at Morgan Stanley, and a Neutral at UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Oct 16, 2017 | 06:06 EDT
Baidu's (BIDU) iQiyi, a Chinese streaming service similar to Netflix (NFLX), has hired Bank of America (BAC), Credit Suisse (CS) and Goldman Sachs (GS) to assist in its U.S. initial public offering worth roughly $1B, Reuters says, citing a report by IFR. The banks will help manage the deal, which is expected as soon as 1H18. Reference Link
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