“Keep an eye on Netflix (NFLX). After finding double-bottom support at $400, the NFLX stock popped to $427.55. Now, if it can break above resistance at $440, it could potentially test $480 again. All thanks to its potential revenue surge from password crackdowns,” we said on Aug. 25.
At the time, NFLX traded around $409. And while it hasn’t broken through $440 just yet, it’s just pennies away from doing so, at $439.88. Helping, analysts at Truist just raised their price target on NFLX to $485 from $339.
Loop Capital also upgraded NFLX to a buy rating, with a new price target of $500. Loop noted that “competitors are raising prices and cutting their content spending, which should help the Los Gatos, California-based company,” as mentioned by Seeking Alpha.