The Globe and Mail reports in its Saturday, Oct. 19, edition that more consumers were binging on Netflix shows during the third quarter. The Globe's John Heinzl writes that now, investors are binging on the stock. Shares of the streaming giant jumped to a record high after Netflix added 5.1 million users in the latest quarter, topping estimates for subscriber growth by more than one million. Revenue and earnings also beat expectations, thanks to price increases, growth in the company's ad-supported tier, and hit shows such as Outer Banks and Monsters: The Lyle and Erik Menendez Story. With more than 20 analysts raising their price targets on the shares, Mr. Heinzl says investors can afford to retire and watch Netflix full-time.
Netflix shares over the past week have gained 5.7 per cent. The Globe reported on July 19 that several analysts had raised their share price targets on Netflix after the streaming giant reported earnings. Among the moves: Bernstein raised its target price to $625 from $600; Deutsche Bank raised its target to $590 from $575; Evercore ISI raised its target price to $710 from $700; and Piper Sandler raised its target to $650 from $600 (all figures U.S.). The shares were then worth $633.34.
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