Typically, it’s business as usual in the stock market when popular entertainment events capture the attention of the whole world. But there have been exceptions, and the latest Oscar Awards was one of them.
Netflix bagged its first documentary feature film Academy Award at Sunday’s event, four years after the video streaming giant received its first Oscar.
The film, Icarus, is based on an infamous doping scandal involving a Russian athlete.
The prestigious honor and an upgrade by Wall Street analysts were enough reason for investors to swing into action when markets opened this week. The stock reached a new record high on the next day after the Oscar event and closed at $315, up 4.6%.
UBS upgraded its 12-month price target on the company from $290 per share to $345 per share, taking a cue from its impressive outlook, broadening global presence and multibillion-dollar investment in content.
“Netflix has emerged as a content powerhouse that is actively building a global moat. With a strong foothold in North American markets, the company is increasingly looking to international markets for the next leg of subscriber growth,” said a statement from UBS.
It is doubtful if any other stock performed with so much consistency as Netflix did, setting records all along the journey. Interestingly, the rally has been so phenomenal in recent months that the stock gained as much traction since January as it did over the many years after it started trading.
UBS upgraded its 12-month price target on Netflix from $290 per share to $345 per share
It is worth noting that the other members of the FAANG group are lagging far behind when it comes to their performance at the bourses. This distinction and the high level of interest achieved by Netflix’s content in Google searches were the other factors that favored the UBS upgrade.
Going by the trend, Netflix is nearing the full-blown breakout mode and is unlikely to retreat in the near future.
Interestingly, stock’s trend is matched with the company’s financial performance in the recent quarters. By the end of 2017, the company expanded its global subscriber base to 117.6 million members, with the US accounting for nearly half of it.
Netflix is scheduled to report its financial results for the first quarter on April 23, 2018. The stock gained 3.24% during Tuesday’s trading session and closed at $325.22.
Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew
Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter
Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings