Netflix stock scored a price-target hike Tuesday ahead of the company's second-quarter earnings report. Signs point to the internet television network beating Wall Street's Q2 estimates, an analyst said.
TD Cowen analyst John Blackledge reiterated his buy rating on Netflix stock and raised his price target to 775 from 725.
On the stock market today, Netflix stock ended the session unchanged at 685.74.
In a note to clients, Blackledge said his firm's recent consumer survey reinforced his positive view of Netflix. The subscription video-on-demand service "is still the top choice for living room viewing," he said.
"We asked our surveyed consumers which platform they use most often to view video content on their TV, and Netflix retained the top spot in Q2 '24 with 23% of respondents," he said. "We think Netflix's broad catalog across multiple genres creates a durable advantage over time."
Netflix Stock Is On Four IBD Lists
Los Gatos, Calif.-based Netflix will report its second-quarter results on July 18.
Blackledge expects Netflix to report 5.19 million net new subscribers in the June quarter vs. consensus estimates of 3.72 million. Netflix ended the first quarter with 269.6 million subscribers worldwide.
Investors will be focused on Netflix's advertising-supported service and paid-sharing initiative, Blackledge said.
On May 20, Netflix stock broke out of a cup base at a buy point of 639, according to IBD MarketSurge charts.
Netflix stock is on four IBD lists: IBD 50, Big Cap 20, Stock Spotlight and SwingTrader.
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