stockcam/iStock Unreleased via Getty Images
- Netflix (NASDAQ:NFLX) got some more positivity from Wall Street on Tuesday as Baird Equity Research analyst William Power raised his price target on the streaming TV leader to $680 a share from $650.
- "Content is still king," said Power, noting that the success of Netflix's new, Korean-language series Squid Game, in particular, is a sign that the company is still benefiting from a strong slate of original program releases. Power highlighted how at a recent conference, Netflix (NFLX) said Squid Game is on pace toward becoming its most-popular non-English-language show ever, and may end up being its most-popular all-around series.
- "In addition to strong global viewership, Squid Game should also boost the APAC [Asian-Pacific] local language opportunity," Power said. "APAC remains the company's largest growth opportunity."
- Power said the growth in popularity of Squid Game has also led to improving Netflix app downloads in the United States, and abroad, since the series debuted on Sept. 17.
- Netflix is scheduled to report its third-quarter results after the close of trading on Oct. 19.
- Power's Netflix price target increase came on the heels of analysts at Truist raising their expectations for the company's shares to reach $690 a share, from $600, and KeyBanc analyst Justin Patterson raising his stock-price target to $670 a share from $645. Patterson also cited the success of Squid Game as a key factor for his view of Netflix's potential growth in the months ahead.