Netflix Gets a Price Target Cut from Goldman Sachs and Raymond James

Netflix didn’t get just one price target slash ahead of its earnings, it got two.

Goldman Sachs has a bullish regard when it comes to the streaming giant’s earnings but has lowered its “12-month price target from $470 to $430 to reflect the contraction in broader internet multiples.”

Raymond James also lowered its price target to $400 a share from $445 a share.

“While broader market performance and rising rates concerns have been more important factors for stock price performance, we believe that upside to consensus expectations and what the strength in subscriber net additions says about Netflix’s business, beyond just guidance for the next quarter, is likely to be a positive catalyst for the stock,” said Goldman analyst Heath Terry in a note to clients.

“We have lowered our target price by 10% to $400 to reflect a rising interest rate environment,” said Raymond James analyst Justin Patterson in his own note.

Shares of Netflix fell a little over 6% on the cuts.

Disclaimer: We have no position in Netflix, Inc. (NASDAQ: NFLX) and have not been compensated for this article.