dropped 3.7% on Friday after analysts suggested enthusiasm for the stock was excessive; that gave Netflix a current market cap of $185.6 billion. The decline reversed a four-day rally that kicked the streamer’s share price to record highs.setting benchmarks that states or regions would have to satisfy before they could start to ease social-distancing measures.
Meanwhile, the pullback on Netflix’s shares came after Benchmark Co. senior equity analyst Matthew Harrigan initiated coverage of the stock Friday with a “sell” rating, citing its current valuation as well as risks like looming competition from WarnerMedia’s HBO Max and NBCUniversal’s Peacock streaming services.
In the same vein, Wedbush Securities’ Michael Pachter wrote in a research note Friday that Netflix’s gains related to COVID-19 “appear more than priced in” at current share prices. The analyst, who rates the stock “underperform,” projects global net paid ads of 7.0 million for the first quarter of 2020.
Could this be more about Bob Iger returning and moving Bob Chapek upstairs?
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