Morgan Keegan is out with a research report on Netflix NFLX after it reported earnings. It has a Market Perform rating and a $295 price target on shares.
In a note to clients, Morgan Keegan writes, "Q3 guidance is a wash as it has all the downside of the price increase (churn) and none of the upside (ARPU). If you believe subs will stick around (which we do), Netflix will generate significant EPS and FCF from N. America amid investing in new countries. While 24x '12E FCF certainly looks cheap compared to recent levels, we remain on the sidelines due to risk/reward. Maintain our $295 PT."
Shares of NFLX are down $22.71 in pre-market trading to $258.82.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsConsumer DiscretionaryInternet RetailMorgan Keegan
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