Netflix price target raised to $720 from $555 at Benchmark

Benchmark raised the firm’s price target on Netflix (NFLX) to $720 from $555 and keeps a Sell rating on the shares. Netflix is executing “significantly better than other media companies with major global scaling advantages,” though the stock still “appears overpriced to us in a momentum market that now appears heavy,” the analyst tells investors. Revenue and profitability growth will increasingly depend on pricing and newer initiatives such as the ad-supported tier as paid sharing benefits subside, the analyst added.