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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一位分析師在第二季度財務業績公佈一個月後表示，流媒體巨頭Netflix公司（納斯達克股票代碼：NFLX）有多個驅動因素可以幫助推動2024年和2025年的收入增長。
Netflix分析師：摩根大通分析師道格·安默斯重申了增持評級和750美元的目標股價。
分析師要點：安默斯在一份新的投資者報告中表示，由於多種增長動力，Netflix可能會進一步擴大利潤率和強勁的自由現金流。
這位分析師表示，Netflix受資本支出增加和消費者疲軟的影響較小，這些一直是科技公司業績中的共同主題。
安默斯說：「NFLX今年仍將在現金內容上花費約170億美元，但這與大量的人工智能支出無關。」
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這位分析師表示，在 「宏觀壓力時期」，Netflix和Spotify等訂閱服務可能會更具彈性。
「就宏觀和消費者而言，儘管NFLX當然無法倖免，但我們認爲，即使價格持續上漲，該服務也具有令人信服的價值。」
Anmuth補充說，對於廣告市場而言，Netflix比其他同行公司更能控制自己的命運。
Anmuth表示，歐洲、中東和非洲和亞太地區等關鍵地區的付費共享和有機增長可能有助於提高未來幾個季度的訂戶人數。
Netflix未來的另一個催化劑將是廣告支持計劃的成本上漲。
「重要的是，NFLX在第二季度的收益上爲廣告等級的潛在價格上漲敞開了大門，我們認爲，自從迪士尼+每月增加2美元至9.99美元以來，廣告等級現在變得更加可行。」
安默斯說，傑克·保羅和邁克·泰森之間的拳擊比賽以及Netflix的兩場聖誕節NFL比賽等直播活動可能有助於吸引訂閱者並擴大公司的規模。分析師認爲，Netflix將來會推動更多的體育直播內容。
「更具體地說，我們相信NFLX的全球規模、強大的參與度和多元化的內容將推動NFLX成爲用戶消費電視、電影和其他長篇內容的默認選擇。」
NFLX價格走勢：週二，Netflix股價上漲2.09％，至646.36美元，而52周的交易區間爲344.73美元至697.47美元。2024年，Netflix股價今年迄今已上漲31.5％。
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照片：Shutterstock
