Netflix Price Target Raised to $230 at Macquarie, Shift to More Original Content Cited

Macquarie's Timothy Nollen boosted his price target on shares of Netflix

from $180 to $230 Friday morning. The analyst maintains a Neutral rating on the stock. Nollen believes Netflix is in the midst of shifting its product strategy away from broader content to more original programming. While this will likely be a step in the right direction, the move will likely raise content costs for Netflix. With Netflix shares last trading at $239.11, Nollen's new price target implies potential downside of nearly 4 percent.