Netflix price target lowered to $390 from $400 at Goldman Sachs

Goldman Sachs analyst Eric Sheridan lowered the firm’s price target on Netflix to $390 from $400 and keeps a Neutral rating on the shares based on estimate changes ahead of the company’s next earnings report. In terms of the upcoming earnings report, Goldman expects Netflix to report above Street modeled subscriber performance as a mixture of continued password crackdowns, relative strength in terms of breadth and depth of content on the platform and varying price points stimulate demand. However, the firm views it as unlikely that Netflix provides detailed quantitative guidance for 2024, despite “a rising set of investor debates around those inputs,” the analyst added.