By Caroline Valetkevitch
NEW YORK (Reuters) – Netflix shares were on track for a fifth consecutive gain on Friday and set for their biggest weekly percentage rise since January, after the streaming media company’s popular boxing match between Mike Tyson and Jake Paul.
The stock was last up 0.2% at $899.06, off its intraday record high of $908 on Thursday. It has risen every session since the Nov. 15 fight, taking the stock up more than 9% for the week.
Several brokerages this week raised their price targets on the stock, including BofA Global Research, which on Thursday bumped up its price target to $1,000 from $800.
Netflix said on Tuesday that 108 million people worldwide watched the match between Paul, a 27-year-old social media influencer-turned-prize-fighter, and the 58-year-old former heavyweight champion Tyson. The event, which Paul won, was streamed live on Netflix.
Jefferies analysts, which also raised their 12-month target on Netflix to $1,000 this week, wrote in a note on Monday that the event was “a major breakthrough for NFLX’s live events strategy.”
The median 12-month price target on Netflix is $800, with 31 analysts rating the stock a “buy” or “strong buy,” 14 rating it a “hold,” and two analysts rating it a “sell,” according to LSEG data.
Kenneth Leon, vice president and senior equity analyst at CFRA Research, wrote in a note this week: “NFLX is flexing its streaming capability with select live sporting events that draw from a global subscriber base.”
“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.
Including the session move, the stock is up roughly 85% for the year.
(Reporting by Caroline Valetkevitch; additional reporting by Lance Tupper; Editing by Rod Nickel)