Monness Crespi Hardt became the latest house to slash its stock price target for Netflix Inc. on Wednesday, when it shaved $100 off its target to lower it to $340. Analyst Brian White reiterated his buy rating on the stock in a note to clients ahead of the streaming company's third-quarter earnings next week. "In light of the weakening macro environment since Netflix last provided guidance, combined with more details last month from Apple around its planned launch of Apple TV+ and incremental data points around increasingly fierce competition for content, we are adjusting our estimates for Netflix accordingly and lowering our 12-month price target to $340 from $440," White wrote. Evercore analyst Vijay Jayant slashed his Netflix price target to $300 from $380 on Monday, also citing concerns about coming competition from providers including Disney . Netflix shares were up 0.4% premarket but have fallen 24% in the last 12 months, while the S&P 500 has gained 0.4%. Read More...
Monness Crespi Hardt became the latest house to slash its stock price target for Netflix Inc. on Wednesday, when it shaved $100 off its target to lower it to $340. Analyst Brian White reiterated his buy rating on the stock in a note to clients ahead of the streaming company’s third-quarter earnings next week. “In light of the weakening macro environment since Netflix last provided guidance, combined with more details last month from Apple around its planned launch of Apple TV+ and incremental data points around increasingly fierce competition for content, we are adjusting our estimates for Netflix accordingly and lowering our 12-month price target to $340 from $440,” White wrote. Evercore analyst Vijay Jayant slashed his Netflix price target to $300 from $380 on Monday, also citing concerns about coming competition from providers including Disney . Netflix shares were up 0.4% premarket but have fallen 24% in the last 12 months, while the S&P 500 has gained 0.4%.
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