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Netflix action recently benefited from the rollout of its fall content roster, led by the hit dystopian drama “Squid Game.”
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Released on September 17, South Korea’s “Squid Game” series is poised to become one of the Netflix(NFLX) the most watched TV shows of all time. It is also launching a busy release schedule for new movies and TV series which the leader in streaming video hopes will rekindle growth in its subscribers.
In the stock market today, Netflix stock rose 5.2% to close at 634.81. Earlier in the session, he hit a record 640.39.
Cowen analyst John Blackledge reiterated his outperformance rating on Netflix stock on Tuesday with a price target of 650.
A list of solid content to come
Netflix is well positioned for growth thanks to its strong content roster in the second half of 2021, Blackledge said.
“Our exclusive US survey suggests that Netflix continues to dominate living room TV, as 28% of respondents said Netflix has the best video content, way ahead of other streaming and linear services,” Blackledge said. in a note to customers.
Blackledge estimates that Netflix added 3.63 million subscribers in the third quarter, slightly above the company’s forecast of 3.5 million. Netflix plans to release its third quarter results on October 19.
“The volume of original content in the second half of 2021 is accelerating and is expected to result in higher engagement and potentially a lower churn rate,” he said. “In the meantime, investors are focusing on net subs additions, especially given the rear-weighted content list that could lead to higher gross additions.”
Netflix stock extended from buying area
On September 2, Netflix stock hit a buy point of 593.39 in a 31-week consolidation period, according to IBD MarketSmith charts. On Tuesday, it broke the 5% buy zone, which stretches to 623.06, based on IBD trading principles.
Upcoming Netflix content this fall and winter includes big budget films “Red Notice”, starring Ryan Reynolds, Gal Gadot and Dwayne Johnson, and “Don’t Look Up”, starring Leonardo DiCaprio and Jennifer Lawrence. Other new films include “Army of Thieves” and “Night Teeth”.
The second half of 2021 will also see the second season of “The Witcher”, the third season of “You” and the premiere of “Cowboy Bebop”. Other upcoming series include the second seasons of “Locke & Key” and “Emily in Paris”.
Follow Patrick Seitz on Twitter on @IBD_PSeitz for more articles on consumer technology, software, and semiconductor stocks.
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