Despite the decline in NFLX shares since its Q2 results, JPMorgan'sreiterated a buy rating on the stock with a price target of $505. The analyst pointed out certain areas that investors are concerned about, including paid sharing monetization and how and when it will boost average revenue per membership.
While paid sharing monetization is happening at a slower pace than Anmuth's initial forecast, he continues to expect it to be highly accretive to revenue over time. Of the more than 100 million password-sharing users globally, the analyst expects Netflix to monetize 18.8 million by the end of this year, 31 million by the end of 2024 and 38 million by the end of 2025.
However, Anmuth, who ranks 92 out of more than 8,500 analysts tracked on TipRanks, expects advertising to be a bigger and more reliable revenue stream than paid sharing for Netflix in the future. Calling Netflix a key beneficiary of the ongoing disruption of linear TV, the analyst said:"The recent launch of NFLX's ad-supported tier, as well as the broader Paid Sharing launch, should further help re-accelerate subscriber & revenue growth while driving high-margin incremental revenue."
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