Morgan Stanley analyst Benjamin Swinburne maintains $Netflix (NFLX.US)$ with a buy rating, and adjusts the target price from $780 to $820.
According to TipRanks data, the analyst has a success rate of 61.0% and a total average return of 12.1% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Netflix (NFLX.US)$'s main analysts recently are as follows:
The 'new normal' in Hollywood appears to benefit Netflix, with less intense competition for content and studios being more amenable to licensing. The introduction of an advertising tier is seen as a potential way to further maximize revenues, possibly expanding the total addressable market rather than just enhancing average revenue per member. Projections for Q3 net additions are estimated at 4 to 4.5 million, which may be on the lower side, with expectations of 8 to 9 million for Q4.
Netflix is viewed as a robust growth narrative with substantial potential for increased revenue, earnings, and free cash flow in the coming years. Nevertheless, there's an assessment that the stock's current valuation may not allow for further multiple expansion and might actually shrink as growth decelerates approaching 2025, owing to a diminishing temporary boost in net additions from paid sharing. It's believed that Netflix continued to experience an uptick in subscriber numbers due to paid sharing in the third quarter, though the temporary advantages of this are expected to taper off. The estimate for third-quarter net additions was raised based on these expectations.
With the stock up 13% since the second quarter results, which was bolstered by positive subscriber data from third parties, it is anticipated that Netflix will need to deliver robust results and forecasts, in addition to announcing a price hike, to maintain momentum. Previously, a hike in the Premium tier price was introduced in various regions including the U.S., U.K., and France. It is now projected that there will be an increase in the Premium tier's pricing in other regions as well, with a significant 8%-15% rise expected for the Standard plan. Since there has been no Standard price increase since January 2022, the current pricing stands at a narrow 4% premium compared to peers, significantly lower than the 53% recorded previously. Additionally, the strong viewership in the third quarter and an impressive content lineup for the fourth quarter, featuring NFL, are likely to further mitigate the risk of subscriber churn.
Note:
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摩根士丹利分析師Benjamin Swinburne維持$奈飛 (NFLX.US)$買入評級，並將目標價從780美元上調至820美元。
根據TipRanks數據顯示，該分析師近一年總勝率為61.0%，總平均回報率為12.1%。
此外，綜合報道，$奈飛 (NFLX.US)$近期主要分析師觀點如下：
好萊塢的 「新常態」 似乎使Netflix受益，內容競爭不那麼激烈，製片廠更願意獲得許可。引入廣告等級被視爲進一步實現收入最大化的潛在途徑，這可能會擴大總體潛在市場，而不僅僅是提高每位會員的平均收入。預計第三季度淨增量爲4至450萬，可能較低，第四季度預計爲8至900萬。
Netflix被視爲強勁的增長故事，在未來幾年具有增加收入、收益和自由現金流的巨大潛力。儘管如此，有評估認爲，該股目前的估值可能不允許進一步的多次擴張，並且實際上可能會隨着增長在接近2025年時減速而萎縮，這是由於付費共享帶來的淨增加量逐漸減少。據信，由於付費共享，Netflix的訂閱人數在第三季度繼續增加，儘管其臨時優勢預計將逐漸減弱。根據這些預期，提高了對第三季度淨增量的估計。
自第二季度業績公佈以來，該股上漲了13％，這得益於第三方的積極訂戶數據，預計Netflix除了宣佈漲價外，還需要提供強勁的業績和預測以保持勢頭。此前，包括美國、英國和法國在內的各個地區都提高了高級套餐的價格。現在預計其他地區的高級套餐價格也將上漲，預計標準套餐的價格將大幅上漲8％-15％。由於自2022年1月以來標準價格沒有上漲，因此與同行相比，目前的溢價僅爲4％，大大低於之前的53％。此外，第三季度的強勁收視率和以NFL爲主角的第四季度令人印象深刻的內容陣容可能會進一步降低訂戶流失的風險。
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