Streaming giant Netflix Inc (NASDAQ:NFLX) has multiple drivers to help push revenue growth in 2024 and 2025, an analyst says a month after second-quarter financial results.
The Netflix Analyst: JPMorgan analyst Doug Anmuth reiterated an Overweight rating and a $750 price target.
The Analyst Takeaways: Netflix could have further margin expansion and strong free cash flow thanks to multiple growth drivers, Anmuth said in a new investor note.
The analyst said Netflix has less exposure to higher capex spending and the softening consumer, which have been common themes across technology companies' earnings reports.
"NFLX will still spend ~$17B on cash content this year, but it is not tied to heavy AI spending," Anmuth said.
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The analyst said subscription services such as Netflix and Spotify could be more resilient during "periods of macro pressure."
"In terms of macro and the consumer, while NFLX is certainly not immune, we believe the service represents compelling value, even with ongoing price increases."
For the advertising market, Netflix could control its own destiny more than other peer companies, Anmuth added.
Anmuth said paid sharing and organic growth in key regions like EMEA and APC could help boost subscriber figures in coming quarters.
Another future catalyst for Netflix will be a rise in cost for the ad-supported plan.
"Importantly, NFLX left the door open at 2Q earnings for a potential price increase in the Ad Tier, which we believe now becomes more viable since Disney+ is increasing $2 to $9.99/mo."
Live events like the boxing match between Jake Paul and Mike Tyson and Netflix's two Christmas Day NFL games could help drive subscribers and increase the company's scale, Anmuth said. The analyst sees Netflix pushing for more live sports content in the future.
"More specifically, we believe NFLX's global scale, strong engagement & diversified content will push NFLX toward becoming the default choice for how users consume TV, film, & other long-form content."
NFLX Price Action: Netflix stock is up 2.09% to $646.36 on Tuesday versus a 52-week trading range of $344.73 to $697.47. Netflix stock is up 31.5% year-to-date in 2024.
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一位分析师表示，在第二季度财报一个月后，流媒体巨头Netflix Inc（NASDAQ：NFLX）有多个驱动因素可帮助推动2024年和2025年的营收增长。
JPMorgan分析师Doug Anmuth重申了对Netflix的超配等级和750美元的价格目标。
该分析师在新的投资者研究报告中表示，Netflix可能会因多个增长驱动因素而进一步扩大利润率并拥有强劲的自由现金流。
该分析师表示，Netflix与科技公司财报中常见的更高的资本支出和消费者软化的影响较小。
“NFLX今年仍将花费约170亿美元用于现金内容，但不受重大AI支出的束缚，”安穆思说。
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该分析师表示，像Netflix和Spotify这样的订阅服务在“宏观压力时期”可能会更具弹性。
“在宏观和消费者方面，尽管NFLX肯定不免疫，但我们认为即使有持续的价格上涨，该服务也具备强大的价值。”
此外，安穆思补充说，对于广告市场而言，Netflix能够更好地控制自己的命运。
安穆思表示，在欧洲、中东和非洲等关键地区实现收费共享和有机增长可能有助于提高未来几个季度的订阅用户数。
Netflix未来的另一个催化剂将是广告支持计划成本的升高。
“重要的是，NFLX在2Q财报中为广告层面的潜在价格上涨留了后路，我们认为现在这将变得更具可行性，因为Disney+正在上涨2美元至9.99美元/月。”
安穆思表示，像Jake Paul和Mike Tyson之间的拳击比赛以及Netflix的两场圣诞节NFL比赛等现场活动可能有助于推动订阅用户数并增加公司规模。该分析师认为Netflix在未来将推动更多的现场体育内容。
“更具体地说，我们认为Netflix的全球规模、强大的用户黏性和多样化内容将推动Netflix成为用户观看电视、电影和其他长形式内容的默认选择。”
NFLX价格行动：周二Netflix的股价上涨2.09％至646.36美元，远高于52周交易范围的344.73-697.47美元。Netflix股价在2024年的年初至今上涨31.5％。
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