Netflix (NFLX) PT Raised to $550 at Piper Sandler, 'Impressive Results Paired with WWE Partnership'
Piper Sandler analyst Thomas Champion raised the price target on Netflix (NASDAQ: NFLX) to $550.00 (from $475.00) while maintaining a Neutral rating.
The analyst comments "Once again, Netflix delivered a solid quarter, with nearly all metrics ahead of expectations. Q4 paid net adds (13.1 million) were well ahead of Street expectations, while the company raised its 2024 operating margin outlook to 24% (from 22-23%). On the back of strong trends, management sees “healthy double-digit” revenue growth in 2024 as well. In addition to the earnings announcement, Netflix announced a partnership with WWE, allowing Netflix to stream Raw live on the platform starting in January 2025. Finally, while momentum appears to be building to some degree, the ad-tier remains in investment mode, with no major contribution to revenue expected in 2024. We reiterate our Neutral rating but raise our price target to $550 from $475."