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Key Takeaways
- Netflix shares surged to a file excessive Friday, a day after the streaming large reported robust third-quarter earnings.
- A number of analysts raised their worth targets for the inventory, citing Netflix’s management in streaming, with JPMorgan analysts calling it a “high decide.”
- Netflix stated its content material quantity is choosing up once more after delays from the writers and actors strikes of 2023.
Netflix (NFLX) shares surged to a file excessive Friday, a day after the streaming large’s third-quarter earnings beat expectations, with a number of analysts elevating their worth targets for the inventory.
Financial institution of America boosted its worth goal to $800 from $740, calling Netflix “probably the greatest positioned corporations inside media,” with a number of development drivers together with its “burgeoning advert enterprise.” Netflix’s ad-supported membership grew 35% quarter-over-quarter, and the corporate stated it expects to launch an advert tech platform in 2025.
Analysts at JPMorgan lifted their worth goal even larger, to $850 from $750, and referred to as Netflix a “high decide,” citing its “robust management place” with a “virtuous circle of robust subscriber development, extra income, and rising revenue.”
Together with Financial institution of America, about three-quarters of the 20 analysts overlaying Netflix tracked by Seen Alpha held a “purchase” or equal ranking for the inventory as of Friday, although their common worth goal at $777.21 was not far off from Friday’s closing worth.
Shares of Netflix jumped over 11% to shut at $763.89 Friday and have gained almost 57% for the reason that begin of the 12 months.
Netflix Says Its Content material Quantity Is Selecting Up Once more, Regardless of Strike Delays
Netflix’s features got here regardless of some programming challenges, calling it “patchier than regular,” because of the lingering impacts of actors and writers strikes in 2023, and stated “quantity has picked up once more.”
Netflix stated it delivered a number of hits within the quarter, with “The Excellent Couple” starring Nicole Kidman and Liev Schreiber drawing 65.2 million views, whereas romantic comedy “No person Needs This” with Kristen Bell and Adam Brody drew 37 million.
UPDATE—Oct. 18, 2024: This text has been up to date to mirror more moderen share worth info.
