Evercore ISI raises Netflix price target to $750
Netflix (NFLX) is celebrating its 27th birthday on Thursday, with a total of 280 million global subscribers, 23 Oscar wins, and 265 Emmy wins, with its stock at an all-time high. While the company is riding on high, does it have more room to grow?
Evercore ISI managing director & head of internet research Mark Mahaney joins Market Domination to discuss Netflix's success and how he believes the company can operate moving forward.
Mahaney outlines what will be some of the bigger drivers of growth for Netflix: "The first is live sports. So we're getting the NFL on NFLX on Christmas Day. And that's a pretty big moment...If the Netflix today is about 75 million households that are subscribing, my guess is if they were to really pick up a big live sports presence, you'd probably get ten, 20 more million more households signing up for Netflix. So I think that's an interesting new growth area."
He continues with: "And then gaming is another one that, believe it or not, there's, we see this in our surveys, rising usage of Netflix. There's a fair number of games on there. Some of it comes out of their own original IP, intellectual property. And then third is the, the ads business is still a ways away from really moving the needle for Netflix. It just it takes some time. They have to build out the user base. But I think those ad dollars are coming."
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