Netflix price target raised to $410 from $400 at Deutsche Bank

Deutsche Bank analyst Bryan Kraft raised the firm’s price target on Netflix to $410 from $400 and keeps a Buy rating on the shares following last night’s results. The analyst’s 2023 free cash flow estimates increased slightly due to management’s guidance for lower cash content spend this year. The firm is positive on the outlook for Netflix’s stock price over the next 12 months as account sharing drives a reacceleration in revenue growth in the second half of 2023 and 2024. This will be followed by the addition of growth from advertising in 2024 and beyond, which "represents a large, long term opportunity" for Netflix, the analyst tells investors in a research note.