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Wall Street sets Netflix stock price for next 12 months

Wall Street sets Netflix stock price for next 12 months
Elmaz Sabovic

Despite facing initial challenges with its newly announced advertisement plan, Netflix (NASDAQ: NFLX) successfully ended the fiscal year 2023 with robust financial reports and promising guidance for the upcoming quarter.

Profitability was boosted by price increases and the implementation of a new ad plan, resulting in a 12% revenue growth for the company by the end of the year. Operating margin expansion was substantial, and a record-breaking Free Cash Flow (FCF) of $6.9 billion was achieved.

At the close of trading on February 21, NFLX ended at $573.35, reflecting a slight decrease of -0.31%. Despite this minor decline, the stock had shown a 1.08% increase over the previous five trading sessions and an impressive 18.04% gain over the past month, indicating a recent pattern of fluctuation.

NFLX 24-hour stock price chart. Source: Finbold
NFLX 24-hour stock price chart. Source: Finbold

NFLX is trading close to its 52-week high, indicating positive momentum. However, the S&P500 Index is also reaching new highs, suggesting NFLX’s performance aligns with the overall market.

Over the past month, NFLX has fluctuated between $537.07 and $597.00, presenting a wide range. It is currently trading around the midpoint of this range, where prices have been consolidating recently. This could offer a potential entry opportunity, although there might be resistance above.

A support zone is identified between $550.04 and $569.67, comprising various trend lines and significant moving averages across multiple time frames.

Resistance is noted around $597.

Support and resistance zones for NFLX stock. Source: Trading
Support and resistance zones for NFLX stock. Source: TradingView

Wall Street forecast for NFLX stock

Analysts on TradingView don’t appear overly impressed with NFLX’s strong financials, as only a fraction have given it a ‘buy’ rating. Out of 52 experts, 24 have designated it as a ‘strong buy,’ 7 as ‘buy,’ 18 as ‘hold,’ 1 as ‘sell,’ and 2 as ‘strong sell.’

Interestingly, the price target is $575.50, indicating a minimal increase from Netflix’s current stock price levels.

Wall Street price target for NFLX stock. Source: TradingView
Wall Street price target for NFLX stock. Source: TradingView

Observers also graded NFLX stock with the lowest target at $335 (-41.57%) and the highest at $700 (+22.09%).

Adaptability is key to success for NFLX stock

Netflix has demonstrated resilience and adaptability in navigating a challenging macroeconomic landscape over the past two years. Despite consumer cutbacks in discretionary spending impacting their financial performance, the company’s strategic initiatives, such as introducing a new ad plan membership and cracking down on password sharing, have proven effective.

The significant adoption of the ad plan membership, leading to a remarkable 70% quarter-over-quarter growth, presents substantial revenue growth opportunities as Netflix aims to scale its advertising revenue platform. The company’s guidance of $9.24 billion in revenue for Q1 FY24, indicating approximately 13% year-over-year growth, coupled with an expected expansion of operating margin, positions Netflix as one of the top tech stocks to consider for investment in 2024.

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