Netflix price target lowered to $1,275 from $1,300 at JPMorgan

JPMorgan analyst Doug Anmuth lowered the firm’s price target on Netflix (NFLX) to $1,275 from $1,300 and keeps a Neutral rating on the shares. While the company’s Q3 results and Q4 outlook were solid overall, they did not include as much upside as recent quarters, the analyst tells investors in a research note. The firm believes the Brazil tax expense “creates noise, but it’s not an issue.” The bigger focus for investors is the lack of revenue upside in the back half of the year, contends JPMorgan. The firm expects little movement on consensus estimates, but says they may come down slightly on less revenue upside and a bit more expenses .