The unquestioned winner of the latest round of the Oscars was clearly Oppenheimer. But it wasn’t the movie that proved valuable for video streamer Netflix (NASDAQ:NFLX), which got a fractional boost in Monday morning’s trading. No, it was the Oppenheimer investment firm that helped out.
Oppenheimer the movie may have walked away with seven Oscars, but Netflix walked away with a higher price target at the investment firm, going from $615 to $725 per share. Oppenheimer analysts noted that the future looks fairly bright for perhaps the ultimate winner of the streaming wars, with growth trends showing positive potential all around.
Average revenue per member, for example, is looking to surge in 2024 as the fallout from the password-sharing crackdown continues. Throw in more subscribers taking advantage of cheaper ad-tier pricing, and the picture only brightens from there. Perhaps best of all, overall subscribers are on track to come in 17 million higher than the original projections envisioned over the next three years.
No Oscar Love for Netflix, Though
Oppenheimer may have boosted Netflix’s fate, but that wasn’t the case at the Oscars. Netflix landed just one award therein, the live-action short film win for “The Wonderful Story of Henry Sugar,” based on the Roald Dahl story. Meanwhile, Apple’s (NASDAQ:AAPL) streaming efforts saw no Oscar love at all. This might be a problem if anyone seemed to care, but given how well Netflix is doing overall, Oscar gold may not mean much for Netflix at all.
What Is the Future Price of Netflix Stock?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on NFLX stock based on 27 Buys, 13 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 106.26% rally in its share price over the past year, the average NFLX price target of $578.45 per share implies 4.22% downside risk.
