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Netflix ( NFLX ) is entering 2025 “firing on all cylinders” after adding 19 million subscribers in the fourth quarter and raising its subscription prices, JPMorgan analysts said Wednesday.

Netflix yesterday said it would raise prices—including bumping its popular ad-supported plan to $7.99 from $6.99 in the U.S.— after what may be its “strongest content quarter ever,” the analysts said.

"Heading into a robust 2025 slate, we expect little pushback" in the U.S., said JPMorgan.

The higher prices come as Netflix’s ad-supported tier drove 55% of all Netflix fourth-quarter signups in markets where the plan was available. That increase, which helped the company end the year with more than 300 million members, sets the stage for more revenue growth in 2025, Wedbush analysts said.

Yesterday's results sent Netflix's stock soaring today, with the shares jumping nearly 10% to close at an all-time high of $953.99. The stock led gains on the S&P 500, with some on Wall Street lifting already-bullish price targets.

Both JPMorgan and Wedbush maintained “buy” or equivalent ratings and raised their  price targets to $1,150. Analysts at Oppenheimer and UBS set the same target following the results. Bank of America raised its target to $1,175.

“While massive subscriber growth was the primary driver in 2024, we expect price increases to drive revenue growth in 2025 and the ad tier to drive revenue higher in 2026,” Wedbush said.

UPDATE—Jan. 22, 2025: This article has been updated since it was first published to reflect more recent share prices.

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