Guiding higher OPM despite disclosure change

M N 22 Apr 2024 CMB International Global Markets | Equity Research | Company Update Netflix (NFLX US) Guiding higher OPM despite disclosure change Target Price US$644.50 Netflix reported upbeat 1Q24 results (topline/bottom line 1%/17% above (Previous TP US$613.30) consensus) and guided its FY24E OPM again, but stock price pulled back for Up/Downside 16.1% moderate FY24E revenue guidance and removal of subs & ARM disclosures Current Price US$555.04 from 1Q25. We think the market has overreacted, as: 1) mgmt. ...