Netflix price target raised to $310 from $250 at Jefferies

Jefferies analyst Andrew Uerkwitz raised the firm’s price target on Netflix to $310 from $250 and keeps a Hold rating on the shares. After he updated his model with a focus on revenue and "a more nuanced approach" to the password crackdown and ad-supported tier rollout, Uerkwith argued that given macro uncertainty and impact to Netflix consumer sentiment with an ad tier that he believes "we could get a better entry price on our long-term thesis." While his estimates are below the Street for Q4 and 1Q23, he gradually catches up as AVOD gets rolled out and he notes that his estimates are 7% above the Street view by end of 2024.