Netflix shares were on track for their fifth consecutive daily gain on Friday, heading toward their biggest weekly percentage increase since January.
The surge follows the streaming giant’s successful broadcast of a highly anticipated boxing match between Mike Tyson and Jake Paul.
The stock rose 0.2 per cent to $899.06, slightly below Thursday’s intraday record high of $908. Since the Nov. 15 fight, Netflix shares have climbed over 9% for the week.
The event’s success has prompted several brokerages to raise their price targets on Netflix.
On Thursday, BofA Global Research increased its target to $1,000 from $800, reflecting optimism about the company’s growing appeal in live event streaming.
Netflix announced on Tuesday that 108 million viewers globally tuned in to watch the live-streamed boxing match between 27-year-old social media influencer-turned-boxer Jake Paul and 58-year-old former heavyweight champion Mike Tyson. Paul emerged victorious in the highly anticipated event.
Jefferies analysts, who raised their 12-month price target for Netflix to $1,000 earlier this week, described the match as “a major breakthrough for Netflix’s live events strategy” in a note on Monday.
The median 12-month price target for Netflix is $800, with 31 analysts recommending the stock as a “buy” or “strong buy,” 14 giving it a “hold” rating, and two analysts advising a “sell,” according to LSEG data.
“Advertising is still in the early stages, but is expected to be a revenue driver by 2026,” Leon noted. CFRA also raised its price target on Netflix.
