Benzinga | Jan 20, 2022 05:02AM EST

Truist Remains Bullish On Netflix; Sees Sharp Upside

* Truist analyst Matthew Thornton reiterated the Buy rating and $690 price target ahead of Netflix Inc's (NASDAQ:NFLX) Q4 earnings announcement on January 20. The price target implies an upside of 34%.

* Sentiment on the stock is "cautious," with buy-side investors anticipating net adds as low as 6.3 million, Thornton notes.

* Related Content: Read How Analysts View Netflix Ahead Of Quarterly Results

* Thornton adds that he has fine-tuned his model calling for lower subscription members.

* However, his annual revenue projections are slightly unchanged when offset by price increases.

* Price Action: NFLX shares closed higher by 0.99% at $515.86 on Wednesday.