Netflix Stock To Rally 14%? Analyst Bumps Up Price Target On 2 Promising Trends: 'Tracking Toward Subscriber Beat'
Portfolio Pulse from Shanthi Rexaline
Netflix, Inc. (NASDAQ:NFLX) stock is expected to rally by approximately 14% according to KeyBanc Capital Markets analyst Justin Patterson, who raised the price target from $580 to $705. The optimism is based on improving content quality and engagement, which are driving monetization through price increases and ad revenue. Patterson highlighted strong viewership data, solid content slate, and healthy subscriber trends as indicators of a potential subscriber beat. He also raised his 2024 and 2025 revenue and earnings per share estimates for Netflix.
March 20, 2024 | 12:01 pm
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Netflix's stock price is expected to see a 14% increase following a price target upgrade from $580 to $705 by KeyBanc analyst Justin Patterson. The upgrade is based on strong content quality, engagement, and subscriber growth trends.
The analyst's optimism is rooted in Netflix's improving content quality and engagement, which are expected to drive monetization through price increases and ad revenue. Strong viewership data and healthy subscriber trends further support the potential for a subscriber beat, leading to raised revenue and earnings estimates for 2024 and 2025. This comprehensive analysis underpins the positive short-term impact on Netflix's stock price.
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