Netflix price target raised to $535 from $500 at Loop Capital

Loop Capital raised the firm’s price target on Netflix (NFLX) to $535 from $500 and keeps a Buy rating on the shares. As the traditional studios pivot their strategy from profit to growth, not only is the competition raising subscription prices and reducing content spend, but they are again licensing content to Netflix, even at Disney (DIS) and HBO (WBD), the analyst tells investors in a research note. Netflix shares have gained 42% since their last quarterly report, which compares to 16% for the Magnificent 7 and 11% for the S&P, the firm states, adding however that it continues to recommend the stock despite the strong move given its view that the competitive environment is improving, consolidation should eliminate some competition, and these factors should lead to upside bias in future estimates.