Oppenheimer Maintains Netflix (NASDAQ:NFLX) Outperform rating with a $415 price target

Oppenheimer analyst Jason Helfstein noted that Netflix (NASDAQ:NFLX) shares are down 22 percent from their highs since the fourth quarter of last year, as the stock is now at an attractive level due to concerns about higher churn and slower ad placement due to password sharing. Netflix’s engagement trend in the first quarter was weaker than in the previous two quarters, but in line with the average of its first six quarters, the analyst said. The company believes that account sharing will generate “meaningful growth” in EBITDA and said competitors are more focused on profitability, indicating that it has passed the peak of competition. The analyst sees an opportunity for Netflix shares after a period of weakness and maintains an outperform rating on the stock with a $415 price target.

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