Following the initial post-Brexit scare, every investor was asking the same question: How will the Brexit impact my stocks? Cantor Fitzgerald analyst Youssef Squali recently went through all of the Internet stocks under the firm’s coverage and adjusted earnings estimates and price targets that were directly impacted by the Brexit vote.
“We note that these adjustments reflect F/X movement only, and not the potential for a deterioration in UK/EU economies from Brexit,” Squali explained.
Estimate Changes
Here’s a summary of the estimates that were changed:
- Cantor estimates that Priceline Group Inc PCLN 2.48% will take a $0.24 F/X EPS hit in Q2 and a $1.02 hit in the second half of the year. The firm has lowered its price target from $1,525 to $1,510.
- Cantor has lowered its 2016 revenue/EPS estimates for Netflix, Inc. NFLX 2.06%from $8.752 billion/$0.41 to $8.717 billion/$0.37. The firm has lowered its price target from $140 to $130.
- Cantor has lowered its 2016 revenue/EPS estimates for Shutterstock Inc SSTK 2.35% from $507.8 million/$1.39 to $500.9 million/$1.37. The firm maintains its $50 price target.
- Cantor estimates…
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