U.S. sign-ups for Netflix jumped by the most in at least four and a half years after the implementation of its controversial password sharing crackdown last month.
On Friday, Pivotal Research boosted its price target on Netflix stock to $535 a share from $425, representing the highest price target on Wall Street.
Citing both the password crackdown and Netflix's new ad tier, Pivotal said the company remains well-positioned to generate growth in users and cash flow even in a recessionary environment. Wells Fargo raised its price target to $500 a share from $400 while JPMorgan increased its target to $470 from $380 earlier this week.JPMorgan estimated that out of the roughly 100 million users sharing passwords Netflix will monetize 14 million by the end of 2023, 26 million by the end of 2024, and 33 million by the end of 2025.
Netflix shares have climbed nearly 40% year-to-date and are up roughly 13% since the US announcement.
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