KeyBanc analyst Justin Patterson raised the company's price target on Netflix (NFLX) to $1,000 from $785 and maintains an Overweight rating on the shares. The market is in a “Netflix won” narrative, which “historically creates a challenging scenario for the stock,” but the company still sees several reasons to believe the stock can outperform the S&P 500 to 2025, the analyst told investors. Among these, KeyBanc lists moderating competitive intensity; live events drive greater engagement; revenue and EPS growth which it argues should hold up better than peers; and meaningful EPS and free cash generation that provide “more of a pricing floor than in the past.”
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