Bank of America lifts Netflix target to $1,000 citing sports viewership

[Pelican Press 0]

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Bank of America lifts

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target to $1,000 citing sports viewership

Two catalysts may send shares of

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even higher in the months ahead, according to Bank of America. Analyst Jessica Reif Ehrlich reiterated her buy rating on

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and hiked her price target by $200 to $1,000, implying more than 13% upside from Wednesday’s close. This comes as the stock has already soared more than 81% year to date.

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is also ahead more than 14% in the past month and nearly 27% in the past three. NFLX YTD mountain NFLX, year-to-date Reif Ehrlich sees last week’s boxing match between Mike Tyson and Jake Paul – which had 65 million live concurrent streams and 108 million total live viewers around the world – as a “knockout” opportunity for

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in live events. “The ****** was the most-streamed sporting event of all time and an emphatic proof point of

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’s ability to aggregate global reach at scale for live events,” the analyst told clients on Thursday. “Despite the reported technical issues, we see this event as a positive for

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’s ambition in live/sports and also as it relates to the company’s ability to drive growth in advertising.” “The ****** likely signals to sports leagues/promoters that

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can now deliver live viewership at a similar (if not greater) scale than linear television,” she continued. Broadcasting two NFL games on Christmas Day – one of which will feature a halftime performance by Beyoncé – and starting a 10-year contract with World Wrestling Entertainment’s “Raw” next year demonstrates

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’s ambition to more deeply pursue live programming. That, combined with its in-house ad tech platform, could spur even more upside, she said. “Live and advertising are complementary growth drivers, as more live programming drives additional high value, premium ad inventory,” Reif Ehrlich added. “

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’s ability to monetize this premium live inventory will be key to making advertising a multi-year growth driver.” Wall Street is mostly bullish on

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, with 32 of 48 analysts rating it a strong buy or buy, according to LSEG data. Most of the others (14) are neutral. Still,

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has an average price target of $787, implying about 11% downside from Wednesday’s close.

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gained 1.4% to ann all-time high of $896.40 in early trading Thursday.

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#Bank #America #lifts #

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#target #citing #sports #viewership

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