Ahead of Q4 results, analysts at Oppenheimer provided their outlook on Netflix, Inc. (NASDAQ:NFLX), raising their price target to $400 from $365 on higher comp valuations and reiterating their Outperform rating. According to the analysts, besides subscriber metrics, the stock will likely react to comments surrounding the progress of ad tier and new initiatives to reduce password sharing.
The analysts expect Q4 net adds of 4.8 million (vs. Street estimate of 4.5 million), with revenue up 2% year-over-year, largely in line with the Street estimates.
The analysts expect Q1/23 net adds to be 3.7 million (vs. Street estimate of 2.6 million), with revenue up 13% year-over-year (vs. Street estimate of 3% year-over-year growth).
For the full 2023 year, the analysts expect net adds of 15.5 million (vs. Street estimate of 13.2 million), with revenue up 11% year-over-year (vs. Street estimate of 7% year-over-year growth).