NFLX: Customer Satisfaction ‘Relatively Robust,’ Says Citi
March 12, 2012, 7:10 P.M. ET
Citigroup‘s Mark Mahaney this evening reiterates a Buy rating and a $130 price target on shares of Netflix (NFLX), writing that a survey the bank commissioned this month, consisting of 3,500 U.S. respondents, with the assistance of SurveyMonkey, showed what he described as “a modest decline in overall satisfaction” with Netflix since the same study was conducted in December.
The number of subscribers describing themselves as “extremely satisfied” in the poll dropped to 10% from 18% in December, writes Mahaney. Overall, 45% were either extremely satisfied or “very satisfied.” Another 36% were “modestly satisfied.” 4% of respondents were “not at all satisfied with Netflix, notes Mahaney.
He describes those trends as “relatively robust” in terms of customer satisfaction.
The number of subscribers who called Netflix a “leading video destination” rose to 30% from 27%. And subscribers who say they’re wouldn’t churn off of the service rose from 46% to 53%, writes Mahaney.
“Yes, these takeaways are somewhat mixed – not unambiguously positive or negative. But we would describe them overall as incrementally positive,” he writes.
Netflix shares today fell $2.93, or almost 3%, to $106.20.
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