Several Wall Street analysts have been closely observing Netflix (NFLX) stock. After the streaming video leader's shares jumped due to the ratings of its Jake Paul vs. Mike Tyson boxing match, several analysts raised their price targets. On Monday, Netflix stock initially popped by 2.8% to close at 847.05, and then rose another 2.9% to end the regular session at 871.32. This significant movement in the stock price has drawn the attention of investors and analysts alike.

Netflix's Streaming Success and Live Events

Netflix on Monday announced that an astonishing 60 million households watched the Friday night fight. This figure is particularly notable as it represents 20% of the company's global 283 million subscribers. It also revealed that music superstar Beyonce will perform a halftime show on December 25 during its broadcast of the NFL game featuring the Houston Texans vs. Baltimore Ravens. This live event strategy is proving to be a major catalyst for the company.At least three Wall Street firms have raised their price targets on Netflix stock in response to this news. Jefferies analyst James Heaney reiterated his buy rating and upped his price target to 1,000 from 800. He stated in a client note, "We view the disclosure of 60 million households watching the Paul-Tyson fight as a major breakthrough for Netflix's live events strategy and a catalyst for attracting ad dollars away from the $50 billion-plus U.S. linear TV market. These stats increase our confidence that the Christmas Day NFL games should outperform linear viewership, providing another catalyst to accelerate ad growth."Netflix is set to broadcast two NFL football games on Christmas Day this year and will also stream at least one Christmas Day football game in 2025 and 2026. Despite some technical glitches during the Paul-Tyson video stream, these issues are fixable, according to Heaney.

Netflix's Live Content Strategy in 2024

Netflix will further advance its live content strategy next year when it begins broadcasting the WWE's flagship pro wrestling program "Raw" starting in January. This move is expected to add another dimension to the company's live event offerings and attract more viewers and advertisers.Meanwhile, Wedbush Securities analyst Alicia Reese maintained her outperform rating on Netflix stock and increased her price target to 950 from 800. She said in a client note, "We think Netflix is positioned to accelerate ad tier revenue contribution for the next several years, as it adds more live events, improves its advertising solutions and targeting, and utilizes new partnerships. We expect the ad tier to become the primary revenue growth driver by 2026. Netflix has reached the right formula with global content creation, balancing costs, and increasing profitability."

Other Analysts' Views on Netflix Stock

Elsewhere, CFRA Research analyst Kenneth Leon kept his buy rating on Netflix stock and raised his price target to 925 from 810. He stated in a client note, "Netflix 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."Netflix stock is currently on two IBD lists: IBD 50 and Big Cap 20. This recognition further highlights the company's significance in the market.Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.