Oppenheimer lowers its Netflix price target by $20 days before the company reports second-quarter results on Thursday.
Oppenheimer reduced its price target for Netflix shares from $120 to $100 on Monday, just three days before the streaming giant releases second-quarter earnings. The adjustment follows a prior cut in April, when the firm lowered its target from $135 to $120 after first-quarter results disappointed investors.
The latest downgrade comes ahead of Netflix’s earnings report, unlike the April revision, which occurred post-release. Oppenheimer previously acknowledged overestimating the impact of a recent price hike on Netflix’s performance. The firm’s decision to act before earnings suggests a cautious outlook.
Netflix will report its second-quarter results on Thursday afternoon, with market focus on subscriber growth and revenue trends.