Netflix price target raised to $700 from $600 at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Netflix to $700 from $600 and keeps an Overweight rating on the shares. The firm is raising estimates and sees a compound annual EPS growth rate of 25% for FY24-FY28. This level of revenue growth at the company’s revenue scale supports a premium multiple, the analyst tells investors. The firm’s analysis suggests that content from outside the U.S., original programming and a deep library may all be underappreciated competitive advantages for Netflix, the analyst added.