JPMorgan raised the firm’s price target on Netflix to $750 from $650 and keeps an Overweight rating on the shares. The analyst remains positive on Netflix shares heading into the Q2 earnings report on July 18, while also recognizing high expectations. The firm raised its Q2 net subscriber additions estimate from 5.0M to 6.0M, in-line with the company’s expectation for net adds to be lower than the 9.3M in Q1, but below investor expectations that are likely 8M-plus, the analyst tells investors in a research note. JPMorgan believes Netflix’s expectations for 2024 reported revenue growth of 13%-15%, operating income margins of 25% and free cash flow of $6B could each prove conservative.
previous post