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Netflix Price Target Increased to $775 by TD Cowen Ahead of Q2 Results
Jul 9, 2024 9:00 PM - Davit Kirakosyan(Last modified: Jul 10, 2024 2:55 AM)
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TD Cowen analysts increased their price target on Netflix (NASDAQ:NFLX) to $775 from $725, while maintaining a Buy rating on the stock.
The analysts noted that Netflix is set to report its Q2 results on July 18. They raised 2024 and long-term subscriber estimates, although Q2 projections remain unchanged. The analysts anticipate Q2/24 paid net adds of 5.19 million, which is higher than the Street estimate of 3.72 million, driven by momentum in paid sharing and the ad-supported video on demand (AVOD) tier.
Additionally, the analysts will be looking for further details on the AVOD tier, monetization, and margin trends. A recent consumer survey indicated that Netflix continues to be the top choice for living room viewing, with YouTube leading in mobile viewing.
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