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Netflix Falls as Credit Suisse, MoffettNathanson Sound Subdued

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By Dhirendra Tripathi

Investing.com – Netflix stock (NASDAQ:NFLX) stock fell 1% Thursday after somewhat somber reports on the streaming giant by Credit Suisse and MoffettNathanson.

While he reiterated his outperform and $740 target for the stock, Credit Suisse (SIX:CSGN) analyst Douglas Mitchelson said investor sentiment is as low as they have seen in the last eight years. He said the sentiment around the company’s fourth-quarter additions have faded.

MoffettNathanson’s Michael Nathanson lowered his target by $5 to $460 while continuing to be neutral on the stock. The stock currently trades at $533.

According to StreetInsider, the analyst notes Netflix penetration of U.S. streaming homes is close to the top of the S-Curve level at 78% and the company is facing increasing competition from a slew of new entrants.

He sees Peacock and Paramount+ posting the most net additions in the U.S. while Netflix, despite its wide content and the hype of shows such as Squid Game, will likely add around 550,000 subscribers in U.S. and Canada, lower from the company's estimates.

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