Netflix (NFLX) PT Lowered to $415 at Raymond James

Raymond James analyst Justin Patterson lowered the price target on Netflix (NASDAQ: NFLX) to $415.00 (from $450.00) despite maintaining a Strong Buy rating. Estimate cuts bring the analyst in line with 2019/2020E Consensus revenue.

The analyst stated "Positively, Netflix's content library is improving (e.g. El Camino, The Irishman) and survey data suggest services are complementary, Given subdued sentiment, we believe shares recover in November as investors get more comfortable with competition, and that >20% annual revenue growth and 300 bp op. margin expansion through 2021E remains achievable".

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