Netflix (NFLX) PT Raised to 'Street High' $490 at Pivotal Research

(Updated - April 15, 2020 7:49 AM EDT)

(updated to add analyst comments)

Pivotal Research analyst Jeffrey Wlodarczak raised the price target on Netflix (NASDAQ: NFLX) to a 'Street High' $490.00 (from $425.00) while maintaining a Buy rating.

Wlodarczak commented, "We raised our Netflix global subscriber forecasts materially on likely higher gross subscribers and lower subscriber churn boosted by global consumer “stay at home” orders around COVID-19, which combined with an increase in our terminal year target EBITDA multiple (from 18 to 20X) led to a $65 increase in our YE’20 target price to a Street high $490. We believe the unfortunate COVID-19 situation is cementing NFLX’s global DTC dominance
partly driven by the incremental content spend that is enabled by their massive and growing subscriber base."

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