Netflix price target raised to $1,120 from $1,040 at Argus

Argus raised the firm’s price target on Netflix (NFLX) to $1,120 from $1,040 and keeps a Buy rating on the shares after its Q4 earnings beat. Netflix has relied mainly on subscriber growth to drive revenue but has made major changes to reaccelerate subscriber additions, having launched a low-priced, advertising-supported subscriber plan in November 2022 and making enhancements to increase its value proposition to customers, the analyst tells investors in a research note. Netflix also started to crack down on password sharing in May 2023, which has boosted subscriber additions, even though the effects may be beginning to tail off, Argus adds.