Netflix's password-sharing crackdown is going so well that one Wall Street bear just upgraded the stock
lifted Netflix to"Neutral" from"Sell" in a Tuesday note and increased its price target to $400 from $230. While that price target still implies potential downside of about 9% from current levels, the bank still expects Netflix's underlying business to grow considerably over the next two years.
But that didn't pan out, with Netflix stock surging 135% since Goldman initiated its"Sell" recommendation on June 10, 2022, far outpacing thewas Netflix management's roll-out of its password-sharing crackdown, "Netflix management has executed its password sharing initiative in excess of our prior assumptions, has regained content creation momentum in a manner that has muted any post-pandemic growth headwinds and overall industry competition has become more muted in the past six months," he said.
This upside scenario is driven by the assumption that Netflix can convert 70 million of its estimated 100 million password sharers to pay for its service, either by adding another household to an account for $8 per month, or via its lower-cost, ad-based subscription. Additionally, Goldman expects Netflix to grow its core subscriber base by about 2%.
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