Oppenheimer recommends buying shares of Netflix following the 10% pullback since the July 5 high. Netflix has the best long-term visibility within Opco’s coverage and deserves to trade at a premium valuation, the analyst tells investors in a research note. The firm says the company’s revenue drivers are “very clear” through 2026: continued subscriber tailwinds in the second half of 2024, price increase benefits in fiscal 2025 and advertising monetization at scale in 2026. The firm says eventual consolidation among the streamers will drive more viewership to Netflix, with 12% viewing share “likely up for grabs from consolidation driving margin leverage.” Opco keeps an Outperform rating on Netflix with a $725 price target.
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