Netflix shares are up nearly 2% on the Wall Street Stock Exchange. Bank of America raised its price target for Netflix on Monday, from $700 to $740, a few days ahead of the release of the American video-on-demand giant's second-quarter results.

The financial intermediary, which is reiterating its buy recommendation on the stock, believes that the video streaming platform is well positioned to generate "solid" growth in subscriptions.

As for second-quarter results, scheduled for Thursday evening, BofA says it is already anticipating some pleasant surprises, with 4.6 million net new subscribers expected for the April-June period and sales of $9.49 billion.

The analyst also expects the California-based group's advertising revenues to take off "significantly" from fiscal years 2025 and 2026.

Copyright (c) 2024 CercleFinance.com. All rights reserved.