Netflix: removed from Wedbush's list of preferred stocks
March 27, 2024 at 10:10 am EDT
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Netflix shares opened lower on Wednesday on the New York Stock Exchange, penalized by a note from Wedbush Securities, which announced that it had removed the stock from its 'best ideas list'.
The broker said it was maintaining its 'outperform' rating on the stock, due to what it sees as the driving force of growth in sales, earnings and free cash flow.
However, we believe that it will become much more difficult for Netflix to impress investors in 2024 than in 2023," he adds.
In his view, several bullish catalysts are already well embedded in the share price, such as the end of password sharing.
Twenty minutes after opening, Netflix shares were down 1%, while the S&P 500 index was up almost 0.6% at the same time.
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Netflix, Inc. specializes in on-line broadcasting services for films and television series provided continuously by subscription. Members pay a monthly fee for access to unlimited on-demand content on their computers (PC and MAC), portable telephones, televisions, or other devices (Xbox 360, PS3, Wii, Blu-Ray, etc.) connected to the Internet. The group is also involved in DVD and Blu-ray leasing by mail. Net sales break down by type of revenue as follows:
- streaming subscriptions revenues (99.8%);
- DVD subscriptions revenues (0.2%).
At the end of 2023, Netflix, Inc. had over 260 million subscribers.
Net sales are distributed geographically as follows: the United States and Canada (44.1%), Europe/Middle East/Africa (31.3%), Latin America (13.3%) and Asia/Pacific (11.3%).