Evercore ISI reiterates Netflix (NFLX.US) "Outperform" rating, bullish on live sports and short-form video as hit-driving engines.

Evercore ISI raised its price target on streaming platform Netflix (NFLX.US) from $100 to $110 and reiterated an "Outperform" rating, citing improving trends in its U.S. and Japan surveys and opportunities from live events and short-form video content. The new price target implies roughly 42% upside from the stock's latest closing price. Analyst Kutgun Maral said Netflix's penetration rate in the U.S. reached a multi-year high of 63%, while in Japan it hit a record 22%. Churn intent improved in both markets, but user satisfaction in the U.S. market remains a concern. The brokerage highlighted live events as a potential subscriber growth catalyst. In Japan, 45% of surveyed new subscribers said they signed up through Netflix's World Baseball Classic promotional campaign, while the share of users who watched live events rose from 42% in March to 60% in September. Evercore also mentioned Netflix Clips its short-form video feed with 46% of Japanese respondents and 38% of U.S. respondents saying they had browsed the feature. The analysts said live events and short-form video content help drive engagement and retention, while the ad-supported tier continues to attract new and returning subscribers. Evercore views Netflix as a sustainable 20% EPS grower and said its catalyst path is more likely to materialize in 2027 rather than 2026.