Wedbush reiterates its 'outperform' rating and raises its price target on Netflix from $525 to $615, believing that the group 'has found the right formula between global content creation, cost balancing and growing profitability'.

At the same time, the crackdown on password sharing and, ultimately, its funding through advertising should further boost cash generation", adds the broker in its note on the video-on-demand platform.

The broker therefore maintains Netflix on its "best ideas list", seeing future catalysts through which the group can, in its view, "generate significantly more free cash flow than its targets suggest".

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