Netflix Price Target Raised To $705 From $625 At JPMorgan

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JPMorgan analyst Doug Anmuth raised the firm's price target on Netflix (NFLX) to $705 from $625 and reiterates an Overweight rating on the shares. The streaming service closed Tuesday up $16.18 to $606.71, and has been recently trading at around $601.82.

The analyst continues to like Netflix shares toward year-end based on strength of its second half of the year content slate, "greater distance from pandemic pull-forward," and the "significant global secular streaming opportunity" with Netflix "only" 20%-25% penetrated.

He believes the company's user trends continue to improve from Q2 levels. His analysis of quarter-to-date global downloads through August is tracking to Q3 net subscriber additions of 2.7 million. This is below management's 3.5 million guidance, but Anmuth expects acceleration in September.

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