Netflix (NFLX) is on fire.
On Dec. 28, we noted, “After gapping from about $320 to $290, the stock appears to have caught strong double bottom support. From here, we’d like to see it refill that bearish gap and challenge $330, near-term. Helping, Morgan Stanley just raised its price target to $275 from $250, with an equal weight rating on the stock.”
So far, so good…
Just days after that note, shares of NFLX popped to $311.03 – and could test our $330 target. Helping, analysts over at CFRA just double upgraded the NFLX stock to a buy rating from a sell rating, with a price target of $310.
As noted by TheFly.com: “The analyst believes it “will be difficult for competitors to catch” Netflix, noting it is one of the few profitable streaming providers with global scale. New original content should support Netflix’s subscriber trends, while its advertising tier and new paid sharing efforts to better control the sharing of accounts should serve as near-term catalysts.
Were you in the trade after our note? We’d love to hear from you.
Sincerely,
Ian Cooper
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