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Investing.com — J.P. Morgan analyst Doug Anmuth told investors in a note that Netflix Inc (NASDAQ:NFLX) data has slowed in recent weeks after a stronger than expected start to the first quarter.
However, “Apptopia tracking through early March still suggests NFLX is running ahead of plan,” said the analyst. Apptopia is a data intelligence platform that provides its users with mobile app analytics.
“If NFLX were to conclude 1Q at its recent pace, we believe Net Adds could be 4M+, down from the 5M+ implied by our regression in mid-February, but above the 2.5M guide,” stated Anmuth.
He added that the 4 million is before they factored in the suspension of Russia, but they estimate this will reduce subscribers by around 300,000.
Despite the slowdown, Anmuth is still bullish on the stock, keeping an Overweight rating and $605 price target.
Elsewhere, MoffettNathanson analyst Michael Nathanson lowered his price target on Netflix to $350 from $375, maintaining a Neutral rating on the stock.
Netflix shares are trading 3% higher Tuesday.
