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Netflix's member trends and engagement "improving" - KeyBanc

Investing.com -- Netflix's (NASDAQ:NFLX) number of new users and the time people are spending engaging with the streaming platform are both improving, according to analysis from KeyBanc.

In a note to clients, the KeyBanc analysts said the amount of consumers on Netflix is approaching levels that existed before the company rolled out a crackdown on password sharing in 2023, an initiative the business has called "paid sharing." They argued that this is likely due in part to better content offerings, including "opportunistic" moves to introduce new live events like National Football League (NFL) games later this year.

"Given a stronger content slate and a likely NFL bump in [the fourth quarter] [...], we believe Netflix could reach 29 [million] net [subscriber] adds in [2024]," the KeyBanc analysts wrote. The figure is roughly 10% above Wall Street estimates, they noted.

The KeyBanc analysts lifted their annual revenue estimates for Netflix and raised their price target for the stock to $707 from $705.

"Netflix is poised for more balanced growth between subscribers and monetization over the [medium-term]," the analysts said, citing the impact of paid sharing and its ad-supported subscription tier.

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