Wolfe Research analyst Peter Supino downgraded Netflix Inc (NASDAQ: NFLX) from Outperform to Peer Perform.
While Netflix should continue to gain a share of the global premium video revenue pie, pay TV accounts for >50% of viewership today, and while Netflix is on course to build a massive advertising business for the long term, Supino has growing concerns about 2024-25 growth forecasts.
His prior Outperform thesis anticipated Netflix leading the industry transition from landgrab to efficiency by monetizing existing viewership via AVOD and 100 million global password sharers.
Related: Full story available on Benzinga.com