Seaport Research upgraded Netflix (NFLX) to Buy from Neutral with a price target of $1,385, up from $1,230. The firm thinks the shares’ momentum, which has moderated lately, could be digesting the year-to-date +30% gains ahead of the advertising infrastructure build-related monetization momentum. The firm also notes the continued year-over-year market share gains vs linear, but also the continued professional, curated content that is driving engagement leadership. Seaport would be a buyer ahead of the Q3 print on October 21, the analyst tells investors in a research note.
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