Netflix price target lowered to $455 from $505 at JPMorgan

JPMorgan lowered the firm’s price target on Netflix to $455 from $505 and keeps an Overweight rating on the shares ahead of the Q3 report. The firm’s overall view on Netflix shares remains positive, but it lowered estimates to reflect recent comments from management around margin expansion. Investor conversations suggest increased concerns that paid sharing is less impactful than expected and providing less lift in Q4, while 2024 margin expansion could be less robust than anticipated, the analyst tells investors in a research note.