12:43 PM EST, 11/21/2024 (MT Newswires) -- Netflix's ( NFLX ) live broadcast of the Mike Tyson-Jake Paul boxing bout last week "was an emphatic proof point" of the world's biggest streamer's "ability to aggregate global reach at scale for events," BofA Securities said Thursday in a report.

"Despite the reported technical issues, we see this event as a positive for Netflix's ( NFLX ) ambition in live/sports and also as it relates to the company's ability to drive growth in advertising," BofA said. "Netflix ( NFLX ) will continue opportunistically to dive deeper into live programming, while also remaining cognizant of content costs."

The Tyson-Paul fight, "the most-streamed sporting event of all time," had 108 million global live viewers from opening to closing bell, the report said. Netflix ( NFLX ) will broadcast two National Football League games on Christmas and is set to start a 10-year contract with World Wrestling Entertainment's Raw next year.

Live programming and advertising are "intertwined growth opportunities" for Netflix ( NFLX ), BofA said. Live broadcast drives additional ad inventory, and the company's ability to monetize live inventory can unlock potential for advertising to be a multiyear growth driver, the report said.

"Live can be a knockout opportunity for Netflix ( NFLX )," the report said.

BofA boosted its price target on Netflix ( NFLX ) stocks to $1,000 from $800 and reiterated its buy rating.

Netflix ( NFLX ) shares rose 2.6% in recent trading Thursday.

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