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Investing.com — Netflix Inc’s (NASDAQ:NFLX) shares fell 2.2% after Truist analyst Matthew Thornton cut the price target on Monday.
The analyst trimmed the firm’s price target in the streaming company to $409 from $470 ahead of its first-quarter results set to be released on April 19.
Thornton said in a research note that based on mobile app downloads, he believes the company’s subscriber numbers in the first quarter will top expectations but that the second-quarter outlook will come in below estimates, with consensus paid member adds being a “slightly high hurdle,” based on prior reports.
Despite maintaining a hold rating on Netflix shares, the analyst sees the valuation and risk-reward on the stock as “incrementally more favorable.”
Netflix shares are down 40% year-to-date.
