Truist Remains Bullish On Netflix; Sees Sharp Upside

Truist analyst Matthew Thornton reiterated the Buy rating and $690 price target ahead of Netflix Inc's NFLX Q4 earnings announcement on January 20. The price target implies an upside of 34%.
Sentiment on the stock is "cautious," with buy-side investors anticipating net adds as low as 6.3 million, Thornton notes.
Related Content: Read How Analysts View Netflix Ahead Of Quarterly Results
Thornton adds that he has fine-tuned his model calling for lower subscription members.
However, his annual revenue projections are slightly unchanged when offset by price increases.
Price Action: NFLX shares closed higher by 0.99% at $515.86 on Wednesday.