Netflix price target raised to $700 from $650 at BofA

BofA raised the firm’s price target on Netflix to $700 from $650 and keeps a Buy rating on the shares after the company reported “strong” Q1 results, including net adds of 9.3M. Netflix still has several growth drivers, including an accelerating ramp of its burgeoning ad business; continued, albeit moderating, benefit from password sharing; a strong 2024 content slate; still significant subscriber runway in developing markets; and pricing, the analyst tells investors.