The bank raised its price target on Netflix to $500 per share from $400.
Netflix should have more steam in its rally thanks to the advertisement-enabled tier, Citi said. Analyst Jason Bazinet reiterated his buy rating and added a positive catalyst watch ahead of Netflix's quarterly earnings report expected in July, pointing specifically to the ad tier's success. Bazinet also raised his price target for shares by $100 to $500, which now implies a potential upside of 16.3%.
mountain Netflix, year to date Bazinet now expects Netflix will get 82 million incremental subscriptions from the lower-cost, ad-enabled tier. That translates to about $10.6 billion in incremental revenue. And it's better than the firm's earlier forecast of 66 million in September 2022. The ad tier costs $6.99 per month, making it $3 per month cheaper than the "basic" plan, the next least expensive option, at the time of its launch.
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