Netflix extends post Paul-Tyson fight climb; Pivotal Research sets Street-high PT
** Netflix NFLX.O shares last up 0.8% Weds and rising for third consecutive session since co live-streamed the Jake Paul and Mike Tyson boxing match
** Stock gains as much as 2.2% to new record high of $890.60
** Pivotal Research hikes its PT from $925 to Wall Street high of $1,100 vs median of $800, per LSEG
** Calling it "mostly" successful given the streaming issues that occurred, Pivotal views it as a learning experience for NFLX, adding it expects "these technical issues will not happen again with future live events"
** "Importantly, given the success of the Tyson/Paul fight we expect Netflix to accelerate its offerings of “eventized” live programming, which further enhances NFLX’s ability to offer households regular compelling content," Pivotal wrote in note
** NFLX on Tues said over 108 mln people worldwide watched 27-year-old social media influencer-turned-prize fighter Paul beat the 58-year-old former heavyweight champion Tyson
** On Saturday, co had said 60 mln households worldwide watched the highly anticipated bout, and the event peaked at 65 mln concurrent streams, though there were some hiccups
** Research action follows PT hikes by Jefferies and Wedbush on Tues
** Meanwhile, Comcast CMCSA.O said it plans to divest the bulk of its cable TV networks as streaming dominates
** With move on Weds, NFLX shares up 80% YTD and easily top performer in S&P 500 Communication Services sector .SPLRCL, which is up 34% this year
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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