Citi cautious on Netflix shares heading into Q4 report

Citi is cautious on shares of Netflix heading into the company’s Q4 results on January 23. Investor focus will likely remain on the company’s advertising tier and password sharing crackdown, the analyst tells investors in a research note. The firm believes the buy-side is expecting Q4 net additions of 10M-11M, ahead of sell-side estimates, and Q1 of 2024 net adds of 3M. Given the 20% run-up in the stock since the Q4 results, coupled with the absolute share price, Citi remains cautious heading into the Q4 print, the analyst notes.