Netflix Upgraded by Long-Time Bear, Who Says 'Hell Freezes Over'

MarketWatch2022-03-10

Upgrade to neutral by Wedbush's Michael Pachter comes after stock loses half its value in 4 months to reach his price targetAFP via Getty ImagesShares of Netflix Inc. bounced off a two-year low ...

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Comments

ValuInvestor
2022-03-10
ValuInvestor
If it has a couple more hit shows, it could bea good buy
jtvcak
2022-03-10
jtvcak
[Like]
FlareSpark
2022-03-10
FlareSpark
Less than tv time now

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The stock closed Tuesday at $341.76, the lowest close since March 20, 2020, and 50.6% below its Nov. 17, 2021 record closing price of $691.69.In a research note with \"Hell Freezes Over\" in its title, Wedbush analyst Michael Pachter raised his rating on Netflix to neutral, after being at underperform for at least the past three years. He said the upgrade comes after the stock fell to reach his price target of $342, which he's had since April 2021.\"The recent share price decline reflects that Netflix investors have begun to appreciate that the company's long-term prognosis is as a low growth, extremely profitable enterprise,\" Pachter wrote in his note to clients.FactSet, MarketWatchHe said Netflix has appeared to \"hit a ceiling\" on subscribers in the U.S. and Canada (UCAN), the company's most important region, and has been pulling new levers in an attempt to hold on to existing customers as subscription price hikes kick in. 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