Pivotal Research reiterates ‘Street High’ $800 price target on Netflix after Q2

Pivotal Research reiterates a Buy rating and “Street high” year-end 2024 $800 price target on Netflix shares after the company reported “another strong quarterly result,” with better-than-expected Q2 subscriber growth driven by beats in all markets, modestly higher than forecast 17% revenue growth and increased 2024 revenue and operating margin guidance. The firm, which argues that it is “abundantly clear that NFLX is demonstrating massive scale as it continues to produce strong subscriber results and free cash flow with the ability to invest to accelerate that growth,” maintains its view that Netflix “has clearly won the global streaming wars as evidenced by yet another strong result and raised guidance.”