Netflix price target raised to $293 from $250 at Benchmark

Benchmark raised the firm’s price target on Netflix to $293 from $250 and keeps a Sell rating on the shares. With the stock now trading 36% and 27% above its 200-day and 50-day moving averages, respectively, the market is “avidly recognizing Netflix’s advantages in navigating the dual WGA/SAG strikes,” the analyst tells investors. While Netflix’s advantages as far as new content inventory and more significant overseas production may not be subject to the U.S. labor shutdown, it is “conceivable 2024 growth could be dampened by prolonged strikes,” argues the analyst, who notes the firm’s increased price target is “almost entirely due to recognizing fair value off a forecast extending all the way through 2033,” versus the truncated 2027 alternative the firm had applied earlier.