Netflix (NFLX) Says 'Squid Game' is Its Biggest Series Launch of All Time, Record Reflects 'Successful International Strategy' Says Analyst

October 13, 2021 5:43 AM EDT
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A popular South Korean drama show Squid Game, which airs on Netflix (NASDAQ: NFLX), has become the biggest series launch of all time for the streaming giant.

The company said that 111 million users globally have streamed Squid Game since the launch on September 17. This way, Squid Game became the first show to top 100 million viewers in the first 4 weeks.

“Squid Game has officially reached 111 million fans — making it our biggest series launch ever!” said Netflix in a tweet.

Netflix counts viewers as users who turned up to watch at least 2 minutes of a single show.

Bridgerton is the TV show that so far held the viewership record with 82 million people watching it in the first 4 weeks since the launch.

Analysts at Truist and Jefferies raised their price targets on NFLX ahead of the Q3 earnings report. Jefferies analyst Andrew Uerkwitz raised the price target on the Netflix stock to $737.00 (from $620.00) while maintaining a Buy rating into earnings.

"NFLX stock has emerged from its slump, jumping ~22% in <2 months. Estimates have remained relatively flat and NFLX now trades at 8.5x 2022E Rev, the top of its 3-year range. We expect 3Q net adds of 3.5MM and a 4Q guide of ~7-8MM. Squid Games has demonstrated the impact of a successful international strategy and, if done right, games like Oxenfree could achieve a similar Zeitgest moment. We remain Buy rated with a PT of $737, representing 8.5x 2023 JEF Rev,”

Shares of Netflix closed at $624.94 yesterday.

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