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Analyst expects Netflix Q4'18 domestic net adds to be slightly below consensus

SunTrust Robinson Humphrey analyst Matthew Thornton expects Netflix Inc. to report lower-than-expected domestic net additions in the fourth quarter of 2018, Benzinga.com reported.

The research firm's proprietary Netflix subscriber tracker data through November 2018 suggests that Netflix's fourth-quarter domestic total subscriber net adds will come in at 1.43 million to 1.75 million, below the consensus estimate of 1.75 million to 1.8 million, Thornton said in a research report, adding that December's data could close the gap.

In its third-quarter 2018 earnings release, Netflix said it expected 9.4 million global net additions in the fourth quarter, with 1.80 million in the U.S. and 7.60 million internationally.

While he maintained a "buy" rating on Netflix stock, the analyst lowered his price target to $355 from $410 to reflect the revision in subscriber estimates, recent debt raise, lower comparable multiples and higher rates.