Netflix shares could rise as high as $670, Goldman Sachs analyst Heath Terry said in a report on Wednesday. The $70 increase in his price target on the stock, from $600 previously, establishes a new high amid Wall Street observers.
The analyst also raised his third-quarter prediction for subscriber growth from previously 4.5 million. "We expect Netflix to report third-quarter results well above guidance and consensus expectations, with roughly 6 million net subscriber additions," Terry explained, citing an increase in content, a lack of competition "for entertainment hours and spend," and more time being spent at home by consumers amid the coronavirus pandemic.
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