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Alicia Reese ... (+4)
  • Alicia Reese
  • Kade Barr
  • Michael Pachter
  • Scott Devitt
Alicia Reese ... (+12)
  • Alicia Reese
  • Antoine Legault
  • Daniel Ives
  • John Katsingris
  • Kade Barr
  • Matthew Bryson
  • Matthew Weiss
  • Michael Gerbino
  • Michael Pachter
  • Sam Brandeis
  • Scott Devitt
  • Steven Wahrhaftig
Dan Salmon
  • Dan Salmon

Netflix (NFLX, Neutral, target increases to $665 from $625) Raising e...

Our target price increases to $665 from $625 on higher out-year FCF estimates

Alicia Reese ... (+4)
  • Alicia Reese
  • Kade Barr
  • Michael Pachter
  • Scott Devitt
Dan Salmon
  • Dan Salmon

Netflix (NFLX, Neutral, $625 target) First Take: Inline 2025 guidance ...

What’s New: In our first take on tonight’s results, we dig into: 1. 3Q beats, 2024 guide raised, 4Q guidance mixed, new 2025 guidance 2. Ad revenue will double in 2025 (vs our +90% est.), still oversupplied versus demand 3. Member growth still driving 2025 revenue, with no news on UCAN price increases 4. Content slate could drive material net new member additions in 4Q24 5. Margins, FCF and capital return all remain solid

Dan Salmon
  • Dan Salmon

Netflix (NFLX, Neutral, $625 target) Quick Thoughts Ahead of the Prin...

Ahead of Thursday PM’s earnings report, we review set up for the stock into the print, what to look for in the investor letter and listen for on the earnings broadcast, our top questions for management, potential positive and negative catalysts, and our views on key controversies, debates and conversation topics of late...

Alicia Reese ... (+4)
  • Alicia Reese
  • Kade Barr
  • Michael Pachter
  • Scott Devitt
Wedbush Research
  • Wedbush Research
W WAYFAIR INC.
UBI UBISOFT ENTERTAINMENT SA
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WSM WILLIAMS-SONOMA INC.
WFC WELLS FARGO & COMPANY
VYGR VOYAGER THERAPEUTICS INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
NVCR NOVOCURE LTD.
NBIX NEUROCRINE BIOSCIENCES INC.
LTC LTC PROPERTIES INC.
KURA KURA ONCOLOGY INC.
GOOGL ALPHABET INC. CLASS A
GME GAMESTOP CORP. CLASS A
GERN GERON CORP.
FATE FATE THERAPEUTICS INC
DKS DICK'S SPORTING GOODS INC.
DIN DINE BRANDS GLOBAL INC.
CYBR CYBERARK SOFTWARE LTD.
CTMX CYTOMX THERAPEUTICS INC.
CMRX CHIMERIX INC
BPMC BLUEPRINT MEDICINES CORP.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
BBY BEST BUY CO. INC.
ARDX ARDELYX INC
NFLX NETFLIX INC.
FRX_CN FENNEC PHARMACEUTICALS
EA ELECTRONIC ARTS INC.
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ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
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YMAB Y-MABS THERAPEUTICS
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ASO ACADEMY SPORTS AND OUTDOORS
ITOS ITEOS THERAPEUTICS
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PRAX PRAXIS PRECISION MEDICINES
U UNITY SOFTWARE
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VRDN VIRIDIAN THERAPEUTICS INC
PLTK PLAYTIKA HOLDING
RBLX ROBLOX
DAWN DAY ONE BIOPHARMACEUTICALS INC
ELEV ELEVATION ONCOLOGY
OMGA OMEGA THERAPEUTICS
LBPH LONGBOARD PHARMACEUTICALS
TTD THE TRADE DESK
ATXS INC.
AVTE ASTRIA THERAPEUTICS INC
VIGL AEROVATE THERAPEUTICS INC
EWTX VIGIL NEUROSCIENCE INC
EDGEWISE THERAPEUTICS INC
Alicia Reese ... (+6)
  • Alicia Reese
  • Kade Barr
  • Matthew Weiss
  • Michael Gerbino
  • Michael Pachter
  • Scott Devitt
Dan Salmon
  • Dan Salmon

Netflix (NFLX, Neutral, raising target to $625 from $590) Higher Esti...

We have refreshed our advertising model and adjusted ad-supported members/users, CPMs, and fill rate in the UCAN segment, resulting in higher estimates and a higher target for NFLX. In the note, we review the short- and long-term implications of the current aggressive CTV pricing environment, how NFLX’s recent changes (NFL games, more ad tech partners, management changes, etc.) may impact its competitive positioning, and review our revised ad model in detail.

Wedbush Research
  • Wedbush Research
TPX TEMPUR SEALY INTERNATIONAL INC
MTB M&T BANK CORPORATION
LOGI LOGITECH INTERNATIONAL S.A.
SHAK SHAKE SHACK INC. CLASS A
ZION ZIONS BANCORPORATION N.A.
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WTFC WINTRUST FINANCIAL CORPORATION
WING WINGSTOP INC.
WEN WENDY'S COMPANY
WDC WESTERN DIGITAL CORPORATION
WBS WEBSTER FINANCIAL CORPORATION
WAL WESTERN ALLIANCE BANCORP
VYGR VOYAGER THERAPEUTICS INC.
VLY VALLEY NATIONAL BANCORP
TXRH TEXAS ROADHOUSE INC.
TCBI TEXAS CAPITAL BANCSHARES INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
SAGE SAGE THERAPEUTICS INC.
RF REGIONS FINANCIAL CORPORATION
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
PPBI PACIFIC PREMIER BANCORP INC.
PB PROSPERITY BANCSHARES INC.(R)
NYCB NEW YORK COMMUNITY BANCORP INC.
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NRZ NEW RESIDENTIAL INVESTMENT CORP.
NCMI NATIONAL CINEMEDIA INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
KURA KURA ONCOLOGY INC.
KEY KEYCORP
INTC INTEL CORPORATION
HMST HOMESTREET INC.
HBAN HUNTINGTON BANCSHARES INCORPORATED
HAFC HANMI FINANCIAL CORPORATION
GPRO GOPRO INC. CLASS A
GOOGL ALPHABET INC. CLASS A
GERN GERON CORP.
FTNT FORTINET INC.
FRC FIRST REPUBLIC BANK
FITB FIFTH THIRD BANCORP
FHN FIRST HORIZON CORPORATION
FFWM FIRST FOUNDATION
FB FACEBOOK INC. CLASS A
FATE FATE THERAPEUTICS INC
EWBC EAST WEST BANCORP INC.
ETSY ETSY INC.
CVBF CVB FINANCIAL CORP.
CUBI CUSTOMERS BANCORP INC.
CTMX CYTOMX THERAPEUTICS INC.
COLB COLUMBIA BANKING SYSTEM INC.
CNK CINEMARK HOLDINGS INC.
CMRX CHIMERIX INC
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CFG CITIZENS FINANCIAL GROUP INC.
CATY CATHAY GENERAL BANCORP
CAKE CHEESECAKE FACTORY INCORPORATED
BPMC BLUEPRINT MEDICINES CORP.
BMRN BIOMARIN PHARMACEUTICAL INC.
BKU BANKUNITED INC.
BIIB BIOGEN INC.
BANC BANC OF CALIFORNIA INCORPORATED
ARDX ARDELYX INC
AMC AMC ENTERTAINMENT HOLDINGS INC. CLASS A
NFLX NETFLIX INC.
BJRI BJ'S RESTAURANTS INC.
GRBK GREEN BRICK PARTNERS
CFR CULLEN/FROST BANKERS INC.
FRX_CN FENNEC PHARMACEUTICALS
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
BOKF BOK FINANCIAL CORPORATION
CMA COMERICA INCORPORATED
DRI DARDEN RESTAURANTS INC.
SLM SLM CORP
TSC TRISTATE CAPITAL HOLDINGS INC
ALBO ALBIREO PHARMA
HOPE HOPE BANCORP INC.
CVNA CARVANA CO. CLASS A
ANAB ANAPTYSBIO INC.
FCNCA FIRST CITIZENS BANCSHARES INC. CLASS A
OKTA OKTA INC. CLASS A
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
GTHX G1 THERAPEUTICS
ROKU ROKU INC. CLASS A
SNBR SLEEP NUMBER CORPORATION
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
APLS APELLIS PHARMACEUTICALS
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
HEAR TURTLE BEACH CORP.
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
TENB TENABLE HOLDINGS
REPL REPLIMUNE GROUP
AX AXOS FINANCIAL INC.
ARVN ARVINAS HOLDING
YMAB Y-MABS THERAPEUTICS
STRO SUTRO BIOPHARMA
PINS PINTEREST INC. CLASS A
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
STOK STOKE THERAPEUTICS
IGMS IGM BIOSCIENCES
SWTX SPRINGWORKS THERAPEUTICS
LC LENDINGCLUB CORP
SMCI SUPER MICRO COMPUTER
IDYA INC.
PASG IDEAYA BIOSCIENCES
BDTX PASSAGE BIO
ACET BLACK DIAMOND THERAPEUTICS
CRSR ADICET BIO INC
ITOS CORSAIR GAMING
ZNTL ITEOS THERAPEUTICS
PRAX ZENTALIS PHARMACEUTICALS
FUBO PRAXIS PRECISION MEDICINES
TVTX FUBOTV
LSEA TRAVERE THERAPEUTICS INC
VRDN LANDSEA HOMES CORP (A)
DAWN VIRIDIAN THERAPEUTICS INC
ELEV DAY ONE BIOPHARMACEUTICALS INC
OMGA ELEVATION ONCOLOGY
LBPH OMEGA THERAPEUTICS
STX LONGBOARD PHARMACEUTICALS
SOFI SEAGATE TECHNOLOGY HLDGS PLC
TTD SOFI TECHNOLOGIES INC
ATXS THE TRADE DESK
AVTE INC.
GFS ASTRIA THERAPEUTICS INC
VIGL AEROVATE THERAPEUTICS INC
EWTX GLOBALFOUNDRIES INC
VIGIL NEUROSCIENCE INC
EDGEWISE THERAPEUTICS INC

Moody's Ratings assigns Baa1 rating to Netflix's new senior unsecured ...

Moody's Ratings (Moody's) assigned Baa1 rating to Netflix, Inc.'s (Netflix) proposed senior unsecured notes, which will be comprised of various maturities. The outlook is stable. The net proceeds from the proposed offering will be used for repayment at maturity of the company's outstanding 5.875% ...

Alicia Reese ... (+5)
  • Alicia Reese
  • Brandon Barron
  • Matthew Weiss
  • Michael Gerbino
  • Scott Devitt

Netflix, Inc.: Update to credit analysis following upgrade to Baa1

Leading position as the largest content streaming service provider in the world with strong credit metrics, and excellent execution offset by a highly competitive marketplace.

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