Netflix price target raised to $640 from $600 at Evercore ISI

Evercore ISI raised the firm’s price target on Netflix to $640 from $600 and keeps an Outperform rating on the shares. The firm’s quarterly U.S. survey and annual Japan survey suggests largely neutral core Netflix trends in the U.S., and modestly positive trends in Japan, the analyst tells investors in a research note. The firm adds that the Subscription- and Advertising-based Video on Demand, or SAVOD, continues to drive gross adds incrementality for Netflix, and is also increasingly becoming an anti-churn lever in the U.S. Mobile-Only Netflix borrowers could also provide an additional and not insignificant subscriber adds tailwind over the next few quarters, Evercore ISI notes.