According to Pivotal Research Group, the record-breaking boxing match between legend Mike Tyson and internet celebrity Jake Paul solidified the company’s status as the winner in the streaming space. The firm raised its price target on Netflix to a Wall Street high of $1,100. This target above $925 implies upside potential of 26.2%. Pivotal said the change was due to higher mid- to long-term user and revenue expectations following the competition. The event, shown on Netflix, reached 65 million concurrent live streams and 108 million total live viewers worldwide, making it the most live global sporting event ever. “Importantly, given the success of the Tyson/Paul fight, we expect Netflix to accelerate its offering of ‘event-based’ live programming, which will further enhance NFLX’s ability to deliver regular engaging content to families (as their competitors are now Selling previously exclusive content (NFLX) = could reduce subscriber churn and improve pricing power,” analyst Jeffrey Wlodarczak wrote in a note Wednesday. The analyst said Netflix’s massive free cash flow and strong subscriber numbers stand in stark contrast to its competitors, which are facing huge losses and “mediocre” subscriber results. “While NFLX doesn’t necessarily require it, we believe other streaming players/media players will have no choice but to continue selling their premium library content to NFLX to offset their own poor returns on streaming ( and leveraging NFLX’s global audience of approximately 600 million to increase content value), which increases the value of NFLX services and enables them to drive higher user growth,” Wlodarczak added. Netflix stock is up nearly 79% in 2024. Performance relative to its streaming peers) demonstrates that, and that’s what victory looks like in our view,” the analyst said.
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