Netflix price target raised to $417 from $366 at Wolfe Research

Wolfe Research analyst Peter Supino raised the firm’s price target on Netflix to $417 from $366 and keeps an Outperform rating on the shares, arguing that its Q4 results showed its subscriber growth engine "was in need of spark plug, rather than a rebuild." His base case is that Netflix can add 20M subscribers in 2023, which compares to the 13.5M net adds consensus, said Supino, who attributes his increased target to a more favorable subscriber outlook, guidance for 2023 free cash flow of at least $3B, and the company stating that paid sharing will be rolled out more broadly in Q1.