(News Bulletin 247) – Canaccord Genuity on Friday raised its price target on Netflix, which it increased from 365 to 400 dollars, while renewing its buy recommendation on the title.

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In a reaction note following the video streaming platform’s fourth quarter publication, financial intermediary Netflix highlights ‘solid’ results.

Canaccord particularly noted the arrival of 7.7 million new subscribers in net terms during the quarter, a performance that it attributes to the quality of the latest content, and especially to the success of the original series ‘Wednesday’.

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Following these figures, the analyst says he expects the Californian group’s growth to accelerate in 2023.

‘The stock has already more than doubled in value since its lows at the start of 2022, but is still down around 50% from its all-time highs, a situation which illustrates the uncertainty surrounding the comes out of its ad-supported offering and its efforts to fight code-sharing,” he recalls.

‘We continue to believe that the current valuation represents an attractive entry point given the group’s momentum in content, the diversification of its revenue sources and a free cash flow which continues to grow. ‘increase’, concludes the specialist.

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