KeyBanc analyst Justin Patterson raised the firm’s price target on Netflix to $1,000 from $785 and keeps an Overweight rating on the shares. The market is in a “Netflix won” narrative, which “historically creates a challenging scenario for the stock,” but the firm still sees several reasons to believe the stock can outperform the S&P 500 into 2025, the analyst tells investors. Among these, KeyBanc lists moderating competitive intensity; live events driving more engagement; revenue and EPS growth that it argues should hold up better than peers; and meaningful EPS and free cash generation that provides “more of a valuation floor than in the past.”