《大行報告》高盛上調Netflix(NFLX.US)目標價至230美元 評級「沽售」
高盛發表報告指,Netflix(NFLX.US)去年第四季業績表現向好,當中訂閱用戶淨增長好過預期,調整匯兌因素後收入增長及經營溢利率亦穩健,Netflix管理層對內容發展及廣告計劃取態正面,預期未來將專注於執行限制密碼共享的措施。
該行預期,Netflix管理層的政策執行能力、公司如何恢復收入雙位數增長、利潤率上升軌跡及改善自由現金流狀況等,將是投資者關注重點。該行預料,Netflix近期股價表現較佳,若在市場重新開放的背景下開拓新用戶增長及增收等舉措見成效,將會為股價帶來支持。
高盛指,自Netflix公布去年第二季業績至今股價已累升46%,現價水平為2023年預測企業價值對自由現金流(撇除股權獎勵開支)的約60倍,基於當前風險回報水平重申「沽售」評級,但以長遠營運發展考慮,將目標價由225美元上調至230美元。
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