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published in Blogs
Oct 21, 2021
Netflix (NFLX, $651.24) gets price target hikes

Netflix (NFLX, $651.24) gets price target hikes

Several Wall Street's analysts raised their share-price targets for Netflix  after the streaming giant beat Wall Street's third-quarter earnings expectations.

KeyBanc analyst Justin Patterson boosted his price target on Netflix to $690, citing the company's third quarter results saying it reflected "solid" performance from returning and new originals. Patterson kept his overweight rating on the shares.

JPMorgan analyst Doug Anmuth raised price target on Netflix to $750 from $705, and reiterated his overweight rating on the shares. According to Anmuth, the results and guidance reflect the benefits of content and distance from the pandemic He also cited that the ongoing shift from linear TV to on-demand streaming.

However, Deutsche Bank analyst Bryan Kraft downgraded Netflix shares to hold from buy, while maintaining his $590 price target. The analyst said that while he agrees with the market's optimism about Netflix's fourth-quarter content and the optionality it brings to net subscriber additions, he also believes that a fourth-quarter subscriber beat is already more than priced into the stock price.

Related Tickers: NFLX