Wedbush lowered the firm’s price target on Netflix (NFLX) to $115 from $140 and keeps an Outperform rating on the shares. The firm notes shares have been in decline since Netflix reported underwhelming Q3 results and Q4 guidance, after several quarters of phenomenal results, amid the overhang from the contentious pending Warner Bros. Discovery (WBD) acquisition. With much still to prove, Wedbush thinks Netflix is positioning for substantial growth in global advertising, and that should not be overlooked. Furthermore, the firm believes Netflix can accelerate ad revenue contribution for the next several years by enhancing ad targeting and interactivity, expanding ad partnerships, and adding purchasing capabilities.
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