Netflix slipped over 1% in morning trading as J.P. Morgan cut its target price to $725 from $750.
J.P. Morgan analyst Doug Anmuthsaid that industry research suggests the company saw "light [fourth quarter] download[s]" of programs after starting the quarter with a bang with its hit seriesSquid Game.
Anmuth said that such data leads him to believe that Netflix (NFLX) will report 6.25 million new customer additions for the fourth quarter when it reports its results on Jan. 20. The company had earlier forecast 8.8 million new customer additions for the final three months of 2021.
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