Netflix price target raised to $725 from $600 at TD Cowen

TD Cowen raised the firm’s price target on Netflix to $725 from $600 and keeps a Buy rating on the shares. The firm previewed its Q1 results and raised subscription estimates and now expects paid 1Q24 net adds of +5.11M, above consensus of +4.11M and reflecting continued paid sharing momentum. Cowen said Netflix is benefiting from a dual tailwind of paid sharing initiatives as well as strong underlying business demand from a robust, increasingly global content slateand noted Ad tier adoption is also ramping.