Macquarie raised the firm’s price target on Netflix to $795 from $695 and keeps an Outperform rating on the shares. The firm updated models and target prices in the media technology group ahead of the Q3 result. The advertising market appears solid, with ad agency organic growth averaging 3% again in Q3, the analyst tells investors in a research note. The firm says this should support modest improvement in linear TV ad revenues, though still negative excluding the Olympics. It cites confidence on Netflix’s ad tier in the long term, boosted by sports and potential price increases, for the target increase.
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