Seaport cuts Netflix price target to $90 from $102, maintains Buy ahead of Q3 earnings
What happened
Seaport Research analyst David Joyce lowered his Netflix price target to $90 from $102 on Monday, Oct 19, while maintaining a 'Buy' rating, according to a note cited by TheFly. Joyce said Netflix shares appear oversold relative to the company's long-term growth prospects, but that the company is now in a 'show-me,' wait-and-see period in which investors will want clearer evidence the growth story can deliver. NFLX shares fell over 1% in Monday morning trade, and retail sentiment on Stocktwits shifted to 'bearish' from 'neutral'.
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- Netflix (NFLX): Seaport cut its price target to $90 from $102 while reiterating a Buy rating, calling shares oversold on long-term growth but in a 'show-me' period ahead of earnings.
Sources