Needham upgrades Netflix, sets $700 price target on future AI benefits

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Needham upgrades

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, sets $700 price target on future AI benefits

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’s future stake in the artificial intelligence race, according to Needham. Analyst Laura Martin upgraded the streaming stock to buy from hold, saying that its “tech-first culture” makes it one of the best positioned streamers to benefit from the transition to AI. “GenerativeAI will most benefit companies that are tech-first, and NFLX qualifies; b) NFLX has global scale, which maximizes the value of its data; c) price increases; and d) ad revs should accelerate rev growth and expand margins,” she wrote. The upgrade from Needham comes on the heels of the media company’s first-quarter earnings report.

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surpassed earnings expectations and said it will stop disclosing quarterly subscriber numbers and average revenue per membership next year. Shares fell more than 5% in premarket trading Friday. NFLX YTD mountain Shares this year Martin also lifted the firm’s price target to $700 a share, suggesting that shares can rally another 15% from Thursday’s close. Shares have rallied 25% year to date. Along with the revenue upside opportunities from AI, advertising and price hikes, Martin also sees resilient content spending and share repurchases to power free cash flow growth and boost return on invested capital. Martin was a longtime

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skeptic. She had a hold rating on the stock for nearly two years. Prior to that, the analyst rated shares as underperform.

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Inc,Stock markets,Investment strategy,business news
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