KeyBanc analyst Justin Patterson raised the company’s numbers price target on Netflix (NFLX) from $785 to $1,000 and maintains an Overweight rating for the stock. The market is in a “Netflix won” story, which “historically creates a challenging scenario for the stock,” but the company still sees several reasons to believe the stock will outperform the S&P through 2025 500, the analyst tells investors. Among these, KeyBanc cites moderating competitive intensity; live events drive more engagement; according to her, turnover and profit growth should hold up better than that of comparable companies; and meaningful earnings per share and free cash flow that “provide more of a valuation floor than in the past.”
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