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Why Netflix Stock Charged Higher Wednesday Morning

Why Netflix Stock Charged Higher Wednesday Morning

Atlantic Equities analyst Hamilton Faber upgraded Netflix stock to overweight (buy) from neutral (hold), while simultaneously boosting his price target to $283, up from its former level of $211. The analyst cited the debut of Netflix's upcoming ad-supported tier, which he believes "could be extremely material" for the streaming service, the benefits of which haven't yet been accurately reflected in analysts' consensus estimates. Faber estimates that Netflix could generate average revenue per user (ARPU) of $26 per month from advertising, more than three times the rate of Disney's Hulu.