Netflix raised to Buy at Needham & Company on revenue upside
On Friday, Netflix (NASDAQ:NFLX) received an upgrade to \’Buy\’ from \’Hold\’ by Needham, with the firm setting a new price target of $700 for the streaming giant\’s stock. The upgrade follows Netflix\’s first-quarter earnings release, which showcased a revenue of $9.4 billion, marking a 15% year-over-year increase and surpassing estimates by 1%. The company\’s GAAP earnings per share (EPS) also rose significantly by 83% year-over-year to $5.28, exceeding estimates by 18%.