As previously reported, Benchmark upgraded Netflix (NFLX) to Hold from Sell with no price target in the wake of Netflix “crushing” anticipated Q4 member growth with nearly 19M additions, compared to 9.0M consensus and the firm’s 9.8M member estimate. Soon not to be reported member growth has “consistently exceeded Benchmark and consensus expectations, as well as company guidance, for the last three years,” adds the analyst, who estimates fair value at $800 versus a prior $720 estimate, assuming about 550M members in 2033 and about a 35% margin.
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