Wedbush lowered the firm’s price target on Netflix (NFLX) to $1,400 from $1,500 and keeps an Outperform rating on the shares. The firm says Netflix’s Q3 results and Q4 guidance underwhelmed investors after several quarters of phenomenal results. With much still to prove, Wedbush thinks Netflix is positioning for substantial growth in global advertising, and that should not be overlooked. Its recent survey results, data, and advisors suggest that subscriber growth continues, subscribers absorbed the price increases with little resistance, and Netflix’s advertising engine is beginning to hum.
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