Netflix share pullback brings buying opportunity, says Oppenheimer

Oppenheimer analyst Jason Helfstein thinks Netflix shares are at attractive levels after dropping 22% from the post-Q4 highs on fears around higher churn from enforcing password sharing and a slower advertising launch. The company’s Q1 engagement is trending weaker than the previous two quarters, but in line with Netflix’s previous six-quarter average, the analyst tells investors in a research note. The firm believes account sharing will be "meaningfully accretive" to EBITDA and says competitors being more focused on profitability suggests we are past peak competition. Opco sees an opportunity in Netflix shares post the weakness. It keeps an Outperform rating on the name with a $415 price target.