Netflix price target raised to $400 from $340 at Evercore ISI

Evercore ISI analyst Mark Mahaney raised the firm’s price target on Netflix to $400 from $340 and keeps an Outperform rating on the shares. Revenue in Q4 came in modestly above estimates, though operating income was well ahead due to Marketing and Tech and Development leverage, Mahaney tells investors in a research note. The revenue and profit growth impact of password sharing management in Latin America and the rollout of BWA is just beginning to roll through Netflix fundamentals and should drive revenue growth acceleration and margin expansion throughout 2023, the analyst contends.