TD Cowen lowered the firm’s price target on Netflix to $500 from $515 and keeps an Outperform rating on the shares. The firm expects its Q3 results to show paid net adds of +6.50M versus consensus of ~6.0M. Cowen estimates Q3 revenue accelerating to +7.6% helped by the company’s monetization efforts. The firm also trimmed its Q4 and 2024 estimates off recent comments from the company CFO that go-forward margins would expand more gradually than at the typical rate.
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