By Sam Boughedda
Investir.com — JP Morgan Analyst Doug Anmuth told investors in a note that data from Netflix Inc (NASDAQ:) has slowed in recent weeks after a stronger than expected start to the first quarter.
However, “Apptopia’s tracking through early March still suggests NFLX is ahead of plan,” the analyst said. Apptopia is a data intelligence platform that provides its users with mobile app analytics.
“If NFLX were to conclude 1Q at its recent pace, we believe net additions could be 4M+, down from the 5M+ implied by our mid-February regression, but above the 2.5M guide” , said Anmuth.
He added that the 4 million is before Russia’s suspension was taken into account, but they estimate that it will reduce the number of subscribers by around 300,000.
Despite the downturn, Anmuth is still bullish on the stock, maintaining an overweight rating and a price target of $605.
Elsewhere, MoffettNathanson analyst Michael Nathanson lowered his Netflix price target to $350 from $375, maintaining a neutral rating on the stock.
Shares of Netflix are trading up 3% on Tuesday.
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