Evercore ISI analysts reaffirmed their Outperform rating on Netflix (NASDAQ:NFLX) and elevated their price target from $600 to $640, suggesting an approximate 5% potential growth from the previous closing price.

This price target adjustment is supported by findings from a quarterly survey in the U.S. and an annual survey in Japan conducted by Evercore ISI, engaging 1,300 and 1,600 respondents respectively.

According to the analysts, the survey results indicate relatively unchanged core Netflix trends in the U.S. and mildly favorable developments in Japan. They emphasized that Netflix's market penetration in the U.S. has remained steady at 59% over the past year, securing its lead as the premier paid premium Video On Demand (VOD) service, with a 15% advantage over Hulu.

Moreover, customer satisfaction levels with Netflix have notably improved, climbing to 56%. Nonetheless, there was a rise in the proportion of subscribers considering cancellation, also referred to as churn intent, which now stands at 40%.