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Netflix, Inc. (NFLX) Message Board

  • liscftoo liscftoo Feb 11, 2013 11:24 AM Flag

    Albert Fried Reityerates Underwieght Rating $ 68 PT on Netflix

    on mixed results.

    Crossed the wires at 10:30 EST with additional comments.

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    • This guy has egg on his face, he downgraded just before Q4 earnings report. Stick with Tony Wible over at Janey who upgraded just before the report. He knows whats going on.

      Sentiment: Buy

    • In a report published Monday, Albert Fried reiterated its Underweight rating and $68.00 price target on Netflix

    • In a report published Monday, Albert Fried reiterated its Underweight rating and $68.00 price target on Netflix

      HH

    • Albert Fried noted, “While NFLX's results were mixed versus our estimates, we underestimated the influence of low peer estimates to manufacture an earnings beat given NFLX's short interest. NFLX posted 2012A EPS of $0.29 per share as compared to our $0.27 per share estimate which was among the highest of our peers. Revenue and net sub additions in 2012A were $3.609 billion on 5.77 million additional subs as compared to our $3.614 billion and 6 million additions estimates for revenue and subscribers respectively. We expected a strong quarter for NFLX and we got one, however we still think NFLX's escalating content liabilities to $5.6 billion in 4Q12 from $5 billion in 3Q12 creates an earnings headwind and or potential shareholder dilution. On the upbeat earnings conference call CEO Reed Hastings suggested the company would refinance $200 million of its current debt and perhaps raise additional funds. We estimate NFLX has approximately $3 billion in content liabilities due over the next 24 months. And we expect NFLX will need to raise at least $1.4 billion to meet its current content obligations and also refinance its debt while keeping approximately $200 million in cash on its balance sheet to meet working capital needs.”

      HH

      • 1 Reply to headhunterinva
      • NFLX will undoubtedly has to do a secondary to raise the $ 1.4 billion they need this year but that isn't even the biggest indicator its going much lower.

        The biggest clue that it was time to get out was when one of the directors sold every last share he owned for $ 56 million. He obviously knows whats going on inside the company.

        Sentiment: Sell

    • great call..

 
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