div > div.group > p:first-child"> It was a tale of two stories for Netflix according to Wall Street analysts. While the company posted first-quarter revenue that beat estimates, it also warned that it expected light second-quarter guidance.
Worries about churn are overblown according to analysts at UBS."Chill about Netflix churn fears," analyst Eric Sheridan said. "NFLX's 1Q19 earnings may be controversial to some—mostly because of the light 2Q sub outlook—but we think there's much more to like here than not. Key positives that stand out to us: 1) 1Q paid net adds of 9.6M, above expectations of ~9.5M, led by Int'l upside to the guide of 560k; 2) 1Q operating margin of 10.2% was well ahead of our & consensus 8.
"As Netflix's content investments, distribution partnerships and marketing spend drive subscriber growth significantly above consensus expectations and the company approaches an inflection point in cash profitability, we believe shares of NFLX will continue to significantly outperform. We remain Buy rated and raise our 12-month price target to $460 from $450 to reflect faster subscriber growth expectations, particularly in international markets.
"All said, 1Q19 results do little change our view on the trajectory of Netflix's fundamentals. We reiterate our In Line rating /$350PT and continue to view the risk / reward balance at these levels as fair ."
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