Macquarie Capital's Tim Nollen lowers his stock rating from"outperform" to"neutral" following the streaming giant's third-quarter subscriber and financial update, highlighting that"competition is coming."Netflix's third-quarter earnings report
"Growth in Netflix’s key metric, subs, is slowing in the U.S., but still strong abroad," Nollen wrote in his report. "Quality of earnings is rising, but so too [are] competition and content cost." But he emphasized: "It’s neither inflecting up nor down, hence we turn neutral." Guggenheim Securities Michael Morris dropped his price target on Netflix by $20 to $400, while also keeping his "buy" rating on the stock. "We are confident in the subscriber and economic growth potential of the business over the long term; however, we do expect investors to remain cautious due to the overhang from competition," he wrote in his report.
"Netflix delivered positively on all things important to us," he wrote. "International paid net adds were an all-time third-quarter high, beat the guide, beat our estimate, beat consensus, grew 23 percent year-over-year... 'SVOD competition' is still years away in most markets, and when it comes, we think it will do more to grow the market than steal share from Netflix.
"The company faces a steep uphill climb to replace the content it is slated to lose over the next two years," Pachter wrote. "We estimate that by the end of 2021 Netflix will have virtually no content from Disney, Fox, Warner Bros. or NBCUniversal, and we think its efforts to replace that content with originals will only partially succeed."
I’m curious, just how many times will Wall Street shit on the stock, suddenly act like it’s fantastic and then shit on it again.
Good, I am agree, Netflix was good, not any more, shitty shows
Well they should have RenewTheOA or sell the rights so Marling and Zal can finish it somewhere else. ReleaseTheOA
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