Netflix showed strong progress in the advertising business in 4Q results, according to Baird’s Vikram Kesavabhotla and John Rigatti, who cite management’s description of F25 as transitioning from “crawl to walk” in advertising.” The analysts also say Netflix is enjoying healthy engagement trends, and note there’s a meaningful runway ahead to support continued market share gains. Investor sentiment could further improve as the company executes longer-term initiatives, such as live programming and video games, and benefits from its scarcity value in the public markets, they write. Baird raises its price target to $1,200 from $875. Netflix climbs 10% to $957, and is up 96% in the past 12 months.