Netflix Bulls In For A Treat? KeyBanc Analyst Raises Stock Rating, Price Target On Anticipated Q4 Beat
Portfolio Pulse from Shanthi Rexaline
KeyBanc Capital Markets analyst Justin Patterson upgraded Netflix, Inc. (NASDAQ:NFLX) stock rating to Overweight and increased the price target from $525 to $545, anticipating a Q4 beat. Patterson forecasts Q4 revenue of $8.74 billion and EPS of $2.22, slightly above consensus estimates. He predicts 9.6 million net paid subscriber additions, higher than the consensus of 8.7 million. The analyst expects Netflix to guide to at least $9.1 billion in Q1 revenue and net adds above the previous year's level. KeyBanc raised its Q4 revenue and EPS estimates by 1% and 3%, respectively, and increased its 2023, 2024, and 2025 EPS estimates for Netflix by 1% each.
January 17, 2024 | 12:02 pm
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KeyBanc analyst Justin Patterson upgraded Netflix's rating to Overweight and raised the price target to $545, predicting a Q4 revenue beat and strong subscriber growth.
The upgrade by KeyBanc and the raised price target are likely to instill confidence in investors and could lead to a short-term increase in Netflix's stock price. The positive outlook on subscriber growth and revenue, along with estimates exceeding consensus, support a bullish sentiment.
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