Several Wall Street firms updated their price targets for Netflix (NASDAQ:NFLX), demonstrating optimism ahead of the streaming company's earnings announcement on April 18. As a result, the company’s shares rose nearly 2% intra-day today.

Guggenheim increased its target to $700 from $600 and maintained a Buy rating, citing high investor confidence in Netflix's upcoming financial results. The firm adjusted its first-quarter net member addition forecast to 6.8 million, slightly below buy-side expectations of 8 million but above the Visible Alpha consensus of 4.8 million. Guggenheim noted strong download metrics in the U.S. and Canada, although other international regions showed some slowing.

Despite uncertainties over core membership growth and the impact of new paid-sharing policies, Guggenheim sees considerable potential for Netflix's continued global membership expansion.

Meanwhile, Macquarie raised its Netflix target to $685 from $595 and retained an Outperform rating. The firm highlighted the significant boost in subscriptions, nearly 30 million in fiscal 2023, attributed to Netflix's initiatives on password sharing and the introduction of its advertising tier.