A series of bullish calls on Netflix from “back on track” to “resurgence” by Wall Street brokers confirm that a change in tact and a bounce in user growth is likely to lead to a sustainable recovery for the stock.
Shares in the video-streaming giant surged 14 percent on Wednesday, making its biggest jump since January 2021. JPMorgan Chase & Co. And Deutsche Bank and KGI Securities Co upgraded their recommendations for the stock, while dozens of other analysts boosted their price targets. Netflix shares have lost more than 60 percent this year.
Netflix has added 2.4 million new subscribers in the past three months.attributed to him:Bloomberg
An ad-supported broadcast plan and a crackdown on password sharing as well as cuts in content spending were among the driving factors behind a 45 percent rise in stocks from their May 11 low. Although the company’s user base isn’t growing as fast as it was two years ago, the world’s most popular TV broadcasting network is back on a positive trajectory.
Netflix added 2.4 million customers in the third quarter, beating analyst expectations and saying it expects to add another 4.5 million customers in the current quarter. During the third quarter, Netflix released the last episodes of the science fiction movie Weird things In addition to the serial killer series Dahmer – The Beast: The Jeffrey Dahmer Storywhich has become one of the most watched Netflix series of all time.
“The company may be back on track in terms of content consistency, and has good momentum in the fourth quarter,” Doug Anmuth of JPMorgan Chase said in a note on Wednesday. Anmuth is back in overweight rating on the stock, six months after downgrading to neutral.
Thank God we’re done with quarters shrinking,” Netflix co-founder and CEO Reed Hastings said during an online interview with Anmuth on Tuesday.
A series about serial killer Jeffrey Dahmer has proven to be a big winner for Netflix.
“It seems that ‘crawl, walk, run’ is the management motto here,” Anmouth said, explaining how the ad-supported product will be launched just six months into the pregnancy.
Netflix’s strong subscriber numbers also bring relief to peers such as Roku Inc. and Walt Disney Co.
Originally published at Melbourne News Vine
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