- Netflix Inc (NASDAQ: NFLX) has received a price target increase from $590 to $634 by KeyBanc
Netflix Inc (NASDAQ: NFLX) has received a price target increase from $590 to $634. KeyBanc analyst Justin Patterson also kept an “Overweight” rating on the shares.
In the second half of 2020, Netflix’s subscriber additions were on track for 9 million — which is above the analyst consensus. And Patterson pointed out that KFL Data and Google search queries suggest that churn concerns may be overblown, according to The Fly. Netflix’s international momentum has continued to be strong wrote Patterson.
KeyBanc is not the only financial firm that has been bullish about the stock price of Netflix. Canaccord Genuity also increased its price target from $550 to $630 with a “Buy” rating this week. Credit Suisse reiterated a “Hold” rating on Netflix with a $525 price target earlier this month. And late last month, Guggenheim Securities increased its price target from $530 to $570 with a “Buy” rating.
Netflix reported its Q2 2020 results in July. For the quarter, the company reported its revenue at $6.15 billion (up 24.89% year/year) and net income of $720.2 million (up 166.1% year/year).
Disclosure: I have a small position in Netflix stock in my portfolio.