Netflix price target raised to $425 from $350 at Benchmark

Benchmark analyst Matthew Harrigan raised the firm’s price target on Netflix to $425 from $350 and keeps a Sell rating on the shares. The firm still views Netflix’s long-term business characteristics as “more akin to other large media companies,” especially as advertising gains prominence, rather than the higher-growth Nasdaq 100 technology companies, but the analyst says the target change is “almost entirely off (generously) conceding to our market linked valuation relative to the Nasdaq 100 rather than the S&P 500.” The firm’s revised $425 target reflects Netflix achieving near 430M global members in 2033 with a 32% operating margin, the analyst noted.