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Guggenheim turned incrementally bullish on Netflix, Inc. (NASDAQ:NFLX) Wednesday, lifting its price target 15 percent above the equity's present trading level.
The Analyst
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Guggenheim analyst Michael Morris maintained a Buy rating on Netflix and raised the price target from $360 to $420.
The Thesis
Netflix's subscriber penetration should significantly increase based on two main drivers, Morris said in a Wednesday note:
- The product’s consumer value in both price and utility.
- An efficient model that supports quality content creation, distribution and monetization.
Netflix has continued to execute long-term success this quarter, while growth in both market penetration and consumer engagement has been evident, Morris said. (See his track record here.)
“Over the past several months the company has expanded several initiatives that we see creating additional value."
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The launch of original programming in India; the hiring of former Walt Disney Co (NYSE:DIS) exec Christie Fleischer as global head of consumer products; and ongoing platform upgrades are key drivers for Netflix's brand and Guggenheim's thesis, the analyst said.
The streaming service's business model, unique set of core values and consumer value propositions are primed for success, Morris said.
“We encourage investors to read the Netflix Culture description and description of the use of data science in the art of content production for a deeper understanding of important ways that Netflix has a stated commitment to integrity and excellence."
Price Action
Netflix shares were down 0.69 percent at $365.12 at the time of publication Wednesday.
Related Links:
Infographic: 5 Fun Facts About Netflix
Some Perspective On Netflix's Subscriber Figures
Photo courtesy of Netflix.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.