Netflix price target lowered to $405 from $415 at Jefferies

Jefferies analyst Andrew Uerkwitz lowered the firm’s price target on Netflix to $405 from $415 and keeps a Buy rating on the shares. Q1 revenue was in-line with both Street and Jefferies’ estimates despite "a minor miss" on paid net adds, says the firm, which adds that the Q2 guidance was "a bit light of Street" forecasts given the timing of the paid sharing full rollout. After the last night’s report, the firm made "very minor tweaks" to its model as it pushed a little more of the paid sharing benefit into Q3 from Q2 and adjusted its content spending expectations.