Sam Boughedda

Investing.com — Netflix Inc.’s (NASDAQ) shares fell 2.2% after Truist analyst Matthew Thornton cut the price target on Monday.

Analysts have reduced streaming firm’s price target to $409, down from $470 in anticipation of April 19th’s first-quarter results. 

Thornton indicated in a note that on the basis of mobile app downloadings, he thinks the company will exceed expectations in its first quarter, while the second-quarter outlook is below forecasts. Consensus paid member adds are a “slightly higher hurdle” based upon prior reports.

Netflix stock shares are still rated as a Hold, but the analyst views the value and risk-reward of the stock to be “incrementally better.”

Netflix shares have fallen 40% in the past year.