KeyBanc analyst Justin Patterson raised the firm’s price target on Netflix (NFLX) to $1,070 from $1,000 and keeps an Overweight rating on the shares. Netflix’s Q1 results reinforced that the company is relatively insulated from the macro, has second half of the year catalysts, and a margin cushion, the firm says. Coupled with the advertising business having a multi-year product cycle, KeyBanc remains comfortable in a 12%-13% revenue growth profile with over 20% annual EPS growth.
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