Netflix is poised to release its second-quarter earnings Wednesday, with Wall Street analysts boosting their price targets for its stock amid the company's password-sharing crackdown.
Fox Across America host Jimmy Failla reacts to a Wall Street Journal report saying Netflix ending password sharing is causing family squabbles on The Big Money Show.amid the streaming service’s ongoing crackdown on users’ sharing of passwords and the strike by Hollywood actors and writers that could impact the supply of fresh content this fall.
Netflix, which is poised to release its second-quarter earnings on Wednesday after the end of the trading day, has seen its stock price soar in 2023. As of the close of trading on Tuesday, Netflix stock was up more than 60% year-to-date, having risen from just under $295 per share at the start of the year to $474.80 at Tuesday’s close.
Deutsche Bank is one of the leading firms that released an analysis of Netflix stock, granting it a buy rating and hiking its price target from $410 to $475 on Monday. Analysts from Deutsche Bank wrote that Netflix has one of the few "clean" revenue growth stories in media and communications and noted, "Virtually all of the headwinds plaguing the traditional TV focused media companies are tailwinds for Netflix.
Wall Street analysts are upping their price targets for Netflix following its password-sharing crackdown despite uncertainty over the Hollywood strike. The Deutsche Bank analysts’ findings were based in part on Netflix’s "paid sharing" initiative under which users who wish to share their passwords with family and friends may continue to do so after paying a nominal fee. Their research indicated that the initiative would generate $900 million in incremental revenue in 2023 and $3.4 billion in 2024 before ramping up to $4.5 billion in 2025.
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