Oppenheimer Downgrades Netflix Price Target
Oppenheimer has lowered its price target on Netflix (NASDAQ: NFLX) from $120 to $100 as of Monday, marking the second reduction in just three months. This follows an earlier downgrade from $135 to $120 on April 17, coinciding with disappointing first-quarter results for the streaming giant. Netflix is set to report its second-quarter financials on Thursday, raising concerns about the timing of this downgrade.
Despite the cut, Oppenheimer analyst Jason Helfstein remains optimistic, highlighting a potential 36% upside to the new target based on Netflix’s historically low earnings multiple amidst current market pressures. Over the past year, Netflix’s stock has dropped 40%, impacting investor sentiment leading up to the upcoming earnings report.
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