Netflix stock has received a flurry of price-target increases ahead of the streaming video leader's third-quarter report next week.
On Friday, brokerage firms Guggenheim Securities and Macquarie Capital raised their targets for Netflix stock.
Earlier in the week, Netflix stock scored price-target hikes from Deutsche Bank, Morgan Stanley, Oppenheimer, Piper Sandler and TD Cowen.
"While Netflix shares are up 56% year-to-date compared to 22% for the S&P 500, we continue to see attractive shareholder returns over the next 12 months," Guggenheim analyst Michael Morris said in a client note.
Positive catalysts for Netflix include continued global subscriber growth and accelerating advertising revenue growth.
Morris reiterated his buy rating on Netflix stock and upped his price target to 810 from 735.
On the stock market today, Netflix stock slid 1% to close at 722.79.
Netflix is continuing to grab viewership share, Morris said. Popular Netflix content in the third quarter included "The Perfect Couple," "Monsters: The Lyle and Erik Menendez Story" and season four of "Emily in Paris."
Netflix Stock Is A Recent Breakout
Meanwhile, investor focus is shifting from subscriber gains to expected price increases, Jefferies analyst James Heaney said in a client note Friday.
Impending price increases and a strong content slate in the second half of 2024, including Christmas NFL games and "Squid Game" season two, "keep us bullish," Heaney said.
Heaney rates Netflix stock as buy with a price target of 780.
Netflix will release its third-quarter results late Thursday. Analysts polled by FactSet expect Netflix to earn $5.09 a share on revenue of $9.77 billion in the third quarter. That would translate to year-over-year growth of 36% in earnings and 14% in sales.
Further, analysts expect the internet television network to add 3.9 million subscribers worldwide for a total of 281 million subscribers.
Netflix stock has been trading in a tight range since it broke out of a cup base at a buy point of 697.49 on Aug. 20, according to IBD MarketSurge charts. It is in the 5% buy zone of that breakout, based on IBD trading guidelines.
Netflix stock is on the IBD 50 list.
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