By Tae Kim
The rise in Netflix's stock price doesn't mean the opportunity for investors is over, a Bernstein analyst argued on Friday.
Laurent Yoon raised his rating for the streaming video stock to Outperform from Market Perform, and increased his price target to $1,200 from $975.
"We believe another year of double-digit subscriber growth is achievable, " he wrote in a note.
In midday trading, shares were off 1.1% to $973.96.
The stock rose 10% on Wednesday, the day after Netflix posted stellar results for its fourth quarter -- the best ever for subscriber gains.
Management attributed the gains to a robust slate of original shows and live events, including the second season of "Squid Game" and the Jake Paul-Mike Tyson fight.
Netflix's expansion in local language content as a key differentiator for the company, the analyst said. Argentina has over 700 titles, Japan has over 1,200 titles, and South Korea has more than 800 titles, he said.
Yoon estimated Netflix will be able to grow its revenue by nearly 30% a year through 2026 -- and is confident about his rating upgrade because of the company's long-term growth prospects.
Write to Tae Kim at tae.kim@barrons.com
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(END) Dow Jones Newswires
January 24, 2025 14:27 ET (19:27 GMT)
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