Netflix got a price target cut from Monness Crespi Hardt on Wednesday, on competition concerns.
Analysts at Monness Crespi Hardt lowered their price target on the video streaming giant’s shares by $100 to $340 . But the buy rating was re-iterated.
As factors behind his decision, analyst Brian White cited a macro environment that has weakened since Netflix last provided guidance, and more details last month from Apple about its launch plans for Apple TV+.
Also, Piper Jaffray analysts on Tuesday revealed results from a survey of 9,500 high school students, that indicated Netflix (35% of the teens polled) falling behind YouTube (37%). However, analyst Michael Olsen, re-iterated an overweight rating on the company, and said he believes Netflix continues to maintain "strong teen mind share". Among streaming services, teens are preferring Netflix over others, Piper Jaffray found. Hulu and Amazon’s Prime Video served as the preferred platforms for 7% and 3% of teens surveyed, respectively. Cable TV came in third at 12%, down from 14% in the spring.