Netflix price target raised to $440 from $350 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the firm’s price target on Netflix to $440 from $350 and keeps a Neutral rating on the shares post the Q2 results. The company’s subscriber net adds and profitability were above Street but sales were below, the analyst tells investors in a research note. The firm says that while Netflix’s progress on paid sharing and the ad tier continues, its revenue guidance was disappointing. Piper believes lower content spend today could impact Netflix’s net adds growth in 2024.