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Wall Street sets Netflix stock price for the next 12 months

Wall Street sets Netflix stock price for the next 12 months

Netflix‘s (NASDAQ: NFLX) stock witnessed a remarkable rise in the past week, surging to its highest level in over a month on October 24. 

This price surge came hot on the heels of the streaming behemoth’s impressive Q3 2023 results reported last week. Notably, Netflix not only exceeded its own revenue guidance, reaching $8.54 billion but also added a staggering 8.8 million new subscribers, outpacing the consensus expectations of 6.2 million. 

The company attributed this remarkable growth to the introduction of paid sharing, a robust content lineup, and its ongoing global expansion. As a result, Netflix’s share price jumped nearly 18% over the past five trading sessions, recovering some of its gains from earlier this year.

NFLX 1-week price chart. Source: Finbold

To gain deeper insights into the streaming giant’s future prospects, Finbold delved into Wall Street forecasts for NFLX stock on October 25 for one year from now.

Wall Street’s forecasts for NFLX

According to TipRanks data, the average 12-month price target for Netflix’s shares currently stands at $462.55, based on 33 Wall Street analysts that covered NFLX in the last three months.

That price objective implies an 11.8% upside compared to Netflix’s current stock price.

Wall Street analysts’ 12-month forecasts for NFLX price. Source: TipRanks

Meanwhile, the company’s shares carry a consensus rating of a ‘Moderate Buy,’ based on 22 strategists that rated NFLX as ‘Buy,’ 10 who recommended a ‘Hold,’ while just 1 thinks it’s a ‘Sell.’

KeyBanc analyst raises price target, hikes rating on NFLX

Following its recent stock price increases, NFLX’s year-to-date gains currently sit at more than 40%, outperforming the broader S&P 500 index, which rose about 11% in 2023.

According to KeyBanc analyst Justin Patterson, Netflix is currently one of few assets that can offer investors growth potential across different economic environments.

The company’s addition of nearly 9 million subscribers in the latest quarter demonstrates how the streaming behemoth’s password-sharing crackdown is paying off, while its operating profit and share repurchases should continue supporting earnings growth, Patterson noted following Netflix’s Q3 report. 

The strategist hiked his rating on NFLX stock from ‘Standard Weight’ to ‘Overweight’ and announced a price target of $510, indicating a possible upside of more than 23%. 

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