Shares of Netflix Inc (NASDAQ: NFLX) are now down more than 70% from their high in late October 2021, but veteran actor Ryan Reynolds remains bullish on the stock.
Reynolds defends picking Netflix stock
On Thursday, the “Deadpool” star picked Netflix on CNBC’s 2022 Stock Draft. Explaining why, Reynolds said:
My pick is going to be Netflix. It’s still the largest streamer. It is going to be introducing an ad-supported tier. Full disclosure, I have three movies in Netflix’s top ten. So, I feel like I am legally obligated to make this bet.
Netflix has also expressed plans of a crackdown on password sharing, which could be another tailwind for the streaming giant that now trades at a PE multiple of 18.11.
Netflix signed a deal with Studio Colorido
In Q1, Netflix lost 200,000 subscribers and warned that number could go up to 2 million in the current fiscal quarter.
The Disney rival now wants to expand its anime library in hopes that Asia will contribute more to future growth. To that end, it recently inked a multi-picture deal with Studio Colorido – a Tokyo-based animation studio subsidiary of Twin Engine.
At present, the consensus rating on the stock is “hold” with an average price target of $322 that still represents a 60% upside from here.
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