Canaccord Genuity analyst Maria Ripps raised the price target on Netflix (NASDAQ: NFLX) to $1,200.00 (from $1,150.00) while maintaining a Buy rating.

The analyst comments: "Netflix reported solid Q1 results, with revenue ~1% ahead of consensus and profitability well above guidance. On the heels of a robust quarter for new membership adds in Q4, Netflix saw stable acquisition and retention trends, which contributed to healthy member growth during the quarter. So far, the company has not seen any impact on the business from the current macro backdrop, including both memberships and advertising, with the latter potentially more insulated compared to larger ad platforms due to its still relatively small size. When it comes to content, management highlighted how AI is enabling smaller budget projects to gain access to cutting-edge technologies like advanced visual effects, which is driving better quality films and less expensive production. The Q2 revenue outlook was modestly ahead of expectations, reflecting the full quarter benefit from recent price changes and more favorable FX, while operating margin guidance was solidly ahead of consensus, mostly due to the timing of content slate."