Oppenheimer analyst Jason Helfstein maintained Netflix Inc (NASDAQ:NFLX) with an Outperform and raised the price target from $475 to $600.
On Wednesday, NFLX’s President of Advertising announced ad Monthly Active Users (MAUs) >23 million vs. 15 million in November & 5 million in May, indicating an accelerating pace of ad subscribers.
Near-term, the acceleration suggests 4Q net adds above guidance and Street. Over the medium-term, the analyst noted the pace of acceleration offers plenty of room for subscriber growth in 2024 and is conservatively raising his 4Q and FY24 net adds to +10 million and +24 million vs. prior +9 million and +21 million and Street’s +9 million and 18 million, respectively.
Assuming year-end ...