Netflix Inc (NASDAQ: NFLX) shares are trading higher Tuesday following a report suggesting the company plans to raise prices after the actors strike ends.
What To Know: According to a Wall Street Journal report, Netflix will raise the price of its ad-free service a few months after the Hollywood actors strikes end. The magnitude of the price increases remains unknown.
People familiar with the matter reportedly said the company is likely to roll out the price increases in the U.S. and Canadian markets first, but could ultimately end up lifting prices in several markets globally.
The report indicates that prices across major ad-free streaming services have gone up by about 25% on average over the past year. Netflix is actually the only streaming giant that hasn't raised prices in the past year. The company last raised prices in January 2022. It launched its ad-supported tier last November.
Of all the analysts covering Netflix, 21 have positive ratings, nine have neutral ratings and two have negative ratings. The lowest price target is $215 and the highest price target is $600.
NFLX Price Action: Netflix shares were up 1.11% at $384.74 at the time of publication, per Benzinga Pro.