Netflix price target lowered to $470 from $515 at Oppenheimer

Oppenheimer lowered the firm’s price target on Netflix to $470 from $515 and keeps an Outperform rating on the shares following the CFO’s comments at a conference. The CFO said he was “not expecting future operating leverage of 300bps” going forward, and while the comments are likely not intended to be guidance, the firm took notice, given its prior view of 279bps improvement, the analyst tells investors in a research note.