Updated with closing price. After Netflix reported better-than-expected subscriber growth and marked a key financial milestone, the company’s shares surged 17% amid a wave of euphoric sentiment from Wall Street analysts.
Upgrades and increased price targets rained down on Netflix after Tuesday evening’s financial results as well as the company’s declaration that it will turn cash-flow positive in 2022 and won’t need more debt financing.
Shares in the streaming leader jumped at the opening bell today and never let up, reaching a high of $593.29 before closing at $586.34. Trading volume was more than seven times normal levels.
Eric Sheridan of Ubs upgraded Netflix to “buy” from “neutral,” explaining that he sees it as a “long-term winner as more consumer habits shift globally toward a handful of streaming media platforms.” The quarterly earnings report “will act as a further validation point,” he added.
Sheridan also lifted his 12-month price target to $650 from $540.
Along with Ubs,...
Upgrades and increased price targets rained down on Netflix after Tuesday evening’s financial results as well as the company’s declaration that it will turn cash-flow positive in 2022 and won’t need more debt financing.
Shares in the streaming leader jumped at the opening bell today and never let up, reaching a high of $593.29 before closing at $586.34. Trading volume was more than seven times normal levels.
Eric Sheridan of Ubs upgraded Netflix to “buy” from “neutral,” explaining that he sees it as a “long-term winner as more consumer habits shift globally toward a handful of streaming media platforms.” The quarterly earnings report “will act as a further validation point,” he added.
Sheridan also lifted his 12-month price target to $650 from $540.
Along with Ubs,...
- 1/20/2021
- by Dade Hayes
- Deadline Film + TV
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