For the fourth quarter, the streaming giant projects it will add 8.5 million users, but its shares moved little after a strong recent run.
“We saw implied investor enthusiasm as high into the report and feel that results generally met rather than beat expectations,” Guggenheim analyst Michael Morris wrote in a report.
Mahaney reiterated his “outperform” rating, while raising his 2021 subscriber growth estimate by 2 million to 18 million. In turn, he boosted his price target on the stock by $15 to $710.
He summarized his takeaways in the title of his report this way: “Content-Driven Reacceleration Lives Up to Billing, Underpins Sustained Multi-Year Growth Outlook.”
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