Netflix price target raised to $650 from $610 at JPMorgan

JPMorgan raised the firm’s price target on Netflix to $650 from $610 and keeps an Overweight rating on the shares. Heading into the Q1 earnings report on April 18 the firm remains bullish on Netflix. While the “lowest hanging fruit was captured” in 2023, Netflix still has meaningful paid sharing monetization opportunity as it tightens filters across specific use cases and borrower cohorts, the analyst tells investors in a research note. The firm estimates Netflix can monetize 36M borrowers by the end of 2024 and 43M by the end of 2025, with its survey work suggesting 62% of borrowers could convert over time.