Video streamer Netflix (NASDAQ:NFLX), as far as a lot of people were concerned, basically won the streaming wars when virtually everyone else in the field started looking at mergers and acquisitions for a way forward. Netflix, however, is going at it alone, and its latest expansion effort just got a green light. Netflix, not so long ago, brought out plans to build a new $903 million production studio complex in New Jersey at the former Fort Monmouth.
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A local board—the Fort Monmouth Economic Revitalization Authority—signed off on Netflix’s plan, which will set up zoning for the project and allow Netflix to continue gathering the necessary approvals. Though there were some concerns about previously established affordable housing units on the site, those can now be moved elsewhere but still in the same general area.
Netflix Ramps Up Production
This development comes at a good time for Netflix. It’s been seen ramping up production and bringing a wide range of new media to its platform. Between the recent remake of “Avatar: The Last Airbender” and the unexpected release of Adam Sandler’s dramatic project “Spaceman,” there’s a lot coming out. Jason Bateman will have an “adult thriller” coming soon from his Aggregate Films project, and Netflix will see 10 separate series returning in 2024 with new episodes. Some, like “Umbrella Academy” and “Cobra Kai,” will be coming to an end this year, so new productions will be vital to keep Netflix on top of the market.
What Is the Stock Price Forecast for Netflix in 2024?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on NFLX stock based on 26 Buys, 13 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After an 83.84% rally in its share price over the past year, the average NFLX price target of $573.12 per share implies 1.84% downside risk.
