Piper Sandler analyst Matt Farrell raised the price target on Netflix (NASDAQ: NFLX) to $650.00 (from $600.00) while maintaining a Neutral rating.

The analyst commented, "From our perspective, Netflix delivered results largely in-line with heightened investor expectations, with the stock essentially flat AH. Q2 paid net adds (8.1M) were once again well ahead of Street expectations but just in-line with the buy-side number. In addition, the company raised the low-end of the full-year revenue outlook, while maintaining the free cash flow guidance. We thought the commentary around the ad-tier was quite interesting, as Netflix is now targeting to hit critical scale in 2025. However, the advertising business is not expected to be a primary growth driver next year. We suspect there could be some debate about the Q3 net adds guidance, as it could imply a wide range of outcomes. We reiterate our Neutral rating but increase our price target from $600 to $650."