Macquarie raised the firm’s price target on Netflix to $685 from $595 and keeps an Outperform rating on the shares ahead of the company’s Q1 earnings report on April 18. The firm sees more upside to come for Netflix, noting that Netflix’s password-sharing crackdown drove nearly 30M sub adds in FY23, with management previously estimating that over 100M users share their passwords, leaving Macquarie to believe there is still “room to run” in 2024.
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