Netflix (NFLX) on Friday received a major fillip after two analysts upgraded the stock with positive commentary. Shares jumped almost 3% during pre-market trading after Justin Patterson of Raymond James hiked the price target on the stock to $450, recommending Strong Buy.
The analyst had earlier given an Outperform rating with a price target of $435.
“Given underperformance in 2H18, vs. traditional media, we believe the combination of positive revisions and emerging signs of long-term profit potential will yield share price outperformance,” Patterson said, pointing out the increasing number of viewers for Bird Box.
This comes on the heels of UBS analyst Eric Sheridan upgrading the stock from Neutral to Buy, and lifting the price target from $400 to $410. Raymond James’ and UBS’ price targets come at an upside of 38% and 26% respectively from Netflix’s last close.
Overall, 26 out of 36 analysts covering Netflix has a Buy rating on the stock. Eight recommend Hold. The streaming giant has an average 12-month price target of $386.26, implying a 19% upside from the stock’s last close.
Jeffrey Wlodarczak of Pivotal Research is the streaming giant’s biggest bull with a price target of $480. Meanwhile, with a price target of $150, Wedbush’s Michael Pachter continues to be the company’s biggest bear.
David Miller of Imperial Capital, who reiterated his Buy rating on the stock a week ago, advised investors to ignore the noise surrounding FAANG stocks. He added that the company’s fundamentals are quite strong going into the quarterly earnings, scheduled for Thursday, January 17.
Netflix stock, which has been battered in the tech sell-off in the latter half of last year, has jumped 38% since December 24. Even at the time of the sell-off, Netflix has remained the most immune among all the FAANG stocks.
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