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Evercore ISI has increased its price target for Netflix Inc. (NASDAQ: NFLX) from $650 to $700, maintaining an “outperform” rating. This adjustment is based on subscriber survey results in the U.S. and U.K.
As of 12:49 pm, Netflix shares are trading at $704.81, up $16.37 or 2.38%. The stock had experienced a brief dip earlier in the day.
Analyst Mark Mahaney pointed to Netflix’s plans for more live content and its decision to discontinue its lowest-priced ad-free plan as factors in the outlook. Mahaney reported that 60% of survey respondents said they would be more likely to maintain their subscription if Netflix offered more live content, including comedy specials and sports events.
Netflix’s current stock performance comes as the company explores new revenue streams such as live events and gaming. The streaming service continues to adapt its strategies in the competitive digital entertainment market.