Analysts re-rated Netflix Inc. ahead of its Q1 results.
Barclays analyst Kannan Venkateshwar lowered the price target on Netflix to $380 from $425 (8.4 percent upside) and kept an Equal Weight rating on the shares.
Netflix’s Q1 growth may not be very different from its weak guidance.
Netflix’s accounting treatment of Russia, given the shutdown of operations there, may further affect the global numbers.
Netflix appears to be on a path to 4 million subscribers, better than company guidance based on the average predicted value across various short and long-term models, but still weak in the absolute for a Q1.
Other than Netflix, the only service where trends stand out is HBO Max, which appears to have seen strong engagement throughout the quarter.
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