Global streaming services giant, Netflix Inc. (NFLX) has decided to halt its streaming services in Russia, according to CNBC. NFLX stock closed down 1.7% at $361.73 on March 4.
Netflix had earlier announced its decision to discontinue undertaking projects and acquisitions in Russia to show its discontent over the country’s invasion of Ukraine.
At the time, Netflix had four ongoing Russian language series in the production and post-production stages. The streaming giant has also denied complying with Russian rules to carry news channels.
For Netflix, Russia represents a small fraction of its overall worldwide market, with just under 1 million subscribers compared to its 222 million total paid memberships globally, CNBC reported.
Netflix’s announcement follows a slew of suspensions as well as the complete withdrawal of offerings from multiple international companies against Russia’s cruel attack on Ukraine. Companies that have banned services include tech giants, network payment processors, retailers, and media houses.
Wall Streets’ Take
The Wall Street community is cautiously optimistic about the NFLX stock with a Moderate Buy consensus rating, which is based on 18 Buys, 14 Holds, and 3 Sells. The average Netflix price target of $512.45 implies 41.7% upside potential to current levels. Its shares have lost 39.5% year-to-date.
Stock Investors
TipRanks’ Stock Investors tool shows that investor sentiment is currently Very Positive on Netflix, with 11.6% of portfolios tracked by TipRanks increasing their exposure to NFLX stock over the past 30 days.
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