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Netflix Inc (NASDAQ: NFLX) is trading higher Tuesday after Atlantic Equities raised its price target to a "Street-high" $780.
Atlantic Equities analyst Hamilton Faber maintained Netflix with an Overweight rating and raised the price target from $690 to $780.
Faber increased his 2024 subscriber estimate to 292 million from 279 million and introduced a 2025 estimate of 311 million subscribers, which would represent a 102 million increase over the next four and a half years.
The Atlantic Equities analyst expects "material multiple expansion" driven by improving sentiment and confidence in long-term growth.
Netflix delivers original and third-party digital video content through its streaming video on demand service.
NFLX Price Action: Netflix has traded as low as $458.60 over a 52-week period. It's making a new 52-week high in trading today.
The stock was up 3.84% at $613.16 at time of publication.
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