These Analysts Boost Their Forecasts On Netflix Following Better-Than-Expected Q2 Results

Netflix Inc. NFLX reported upbeat second-quarter financial results and raised full-year revenue guidance on Thursday.

Netflix reported second-quarter revenue of $11.08 billion, up 16% year-over-year. The revenue total beat a Street consensus estimate of $11.04 billion according to data from Benzinga Pro. The company reported second-quarter earnings per share of $7.19, beating a Street consensus estimate of $7.06.

Netflix issued third-quarter guidance for revenue of $11.526 billion, up 17% year-over-year, and for earnings per share of $6.87. Both figures are above Street estimates according to data from Benzinga Pro. The company also raised full-year revenue guidance to a range of $44.8 billion to $45.2 billion, up from a previous range of $43.5 billion to $44.5 billion.

“Our goal is to offer a wide variety of quality series, films and games that our members love. This in turn drives engagement on Netflix and when people watch more and love what they watch, they stick around longer, recommend Netflix to others and place a higher value on our service,” the company said.

Netflix shares gained 1.9% to close at $1,274.17 on Thursday.

These analysts made changes to their price targets on Netflix following earnings announcement.

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Morgan Stanley analyst Benjamin Swinburne maintained Netflix with an Overweight rating and raised the price target from $1,450 to $1,500.
Piper Sandler analyst Matt Farrell maintained Netflix with an Overweight rating and raised the price target from $1,400 to $1,500.
Rosenblatt analyst Barton Crockett maintained the stock with a Buy and raised the price target from $1514 to $1515.
TD Cowen analyst John Blackledge maintained Netflix with a Buy and raised the price target from $1,440 to $1,450.

Considering buying NFLX stock? Here’s what analysts think: