Netflix price target raised to $405 at Cowen, named a ‘Best Idea for 2023’

Cowen analyst John Blackledge raised the firm’s price target on Netflix to $405 from $340 and keeps an Outperform rating on the shares and named the stock as his top 2023 large cap pick. He cites new monetization levers, including the new lower price ad tier that could drive accelerating net member additions and the paid sharing solution launching globally, expectations for revenue growth re-accelerating in the second half and ramping free cash flow growth.