NFLX
Evercore says Netflix’s streak still has legs
Netflix is having one of those “good news travels fast” days. Evercore ISI lifted its price target on NFLX to $110 from $100 and kept its Outperform rating, basically telling the market: don’t count this streaming giant out just yet.
The catalyst here isn’t some random vibes-based upgrade. Analyst Mark Mahaney said he pushed his valuation model out to 2028 and is now using a 25x multiple on projected earnings for that year. In plain English: he thinks Netflix has enough runway left to deserve a pricier sticker.
The subscriber story is doing the heavy lifting
The bigger reason behind the upgrade is improving survey data in the U.S. and Japan. Evercore said U.S. subscriber penetration climbed to 63%, which is the kind of level you don’t see every day, while Japan hit an all-time high of 22%.
A few other nuggets made the case feel even less like spreadsheet fan fiction:
- In Japan, 58% of respondents said they were unlikely or unwilling to cancel, the best reading Evercore has seen.
- Satisfaction in Japan stayed steady at 67%.
- The ad-supported plan is pulling double duty, bringing in fresh signups and giving would-be churners an easier exit ramp than the full cancel button.
Why investors care
This is the market’s favorite kind of story: not just “the stock went up,” but “the underlying business may be stronger than people think.” If Netflix can keep growing subscribers, keep ad-tier momentum alive, and keep live events like the World Baseball Classic pulling in fans, the stock’s latest rally may have more fuel than a one-day upgrade pop.
Big picture: streaming is still crowded, but Netflix keeps acting like the company with the best seat in the house.