Netflix price target raised to $1,020 from $920 at Citi

Citi raised the firm’s price target on Netflix (NFLX) to $1,020 from $920 and keeps a Neutral rating on the shares. The stock was up 90% in 2024 aided by record Q4 net additions, the analyst tells investors in a research note. The firm says that given Netflix will no longer disclose subscribers, it believes investors will shift to revenue growth as the primary performance indicator. After reviewing consensus revenue estimates, Citi believes sell-side revenue forecasts are reasonable for the next few years. Barring significantly lower costs, it does not expect “outsized equity returns” in 2025 through 2027.