JPMorgan Boosts Netflix Target To $625, Says Buy The Selloff

JPMorgan analyst Doug Anmuth raised the firm's price target on Netflix (NFLX) to $625 from $535 and reiterates an Overweight rating on the shares.

The analyst recommends buying the shares on today's post-earnings selloff. The stock in premarket trading is down 7% to $489.

While the company's Q3 guidance for 2.5M net additions was below expectations, it would still represent Netflix's biggest combined Q2 and Q3 ever, Anmuth tells investors in a research note.

And after global net adds dipped in June with the removal of inactives, Netflix returned to growth in July, adds the analyst. Anmuth believes the Q3 content slates "appears solid" with The Old Guard, The Umbrella Academy S2, The Kissing Booth 2, and Project Power.