At least nine Wall Street analysts have downgraded the stock following the streaming behemoth's disappointing earnings results.
Wedbush Securities: market saturation, competition, inflation among major headwinds
When it comes to password sharing, Pachter expects Netflix will likely change its plan to accommodate legitimate sharing. As for an ad-supported tier, Wedbush expects Netflix to continue to test the concept for "at least several quarters" before making a major change, but it emphasizes that both new and existing subscribers would be receptive to the offering.
Benchmark analyst Matthew Harrigan, who has a "hold" rating on Netflix, told clients in a note on Wednesday that the firm does "not expect much of a rebound from Netflix’s ~90 point/26% aftermarket freefall." In addition, Benchmark does not believe that Netflix's scripted shows, especially when binged viewed, are "conducive to toleration of advertising." Harrigan also argues that Netflix's entry into gaming is unlikely to provide "anything more than an indiscernible reduction in monthly churn" despite its recent acquisitions of studios, including Boss Fight Entertainment.
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