NFLX - Can Netflix Stock Hit an All-Time High in 2024?
2024-03-13 11:45:00 ET
It's been a good run for folks that have been binge investing in Netflix (NASDAQ: NFLX) . The stock has more than doubled since the start of last year. Even in 2024 -- with many of last year's winners proving mortal -- shares of the leading premium video service provider are beating the market, up 26% year to date.
Netflix stock hit a 52-week high in January after posting blowout fourth-quarter results, and that's not all. Netflix has notched a 52-week high in each of the past five months (including last week to keep the streak going in March). However, it still has a pocketful of upticks to go before it can take out the all-time high of $700.99 it reached in November 2021. Will it get there? Can it get there this year? Let's take a closer look at Netflix and its chances to hit a new high-water mark in 2024.
It's been a good week for fans of analysts jacking up Netflix price targets. Jason Helfstein at Oppenheimer boosted his price goal on the shares from $615 to $725 on Monday, encouraged by recent developments for the company. He sees the potential for improving monetization for its discounted ad-supported tier. Furthermore, the crackdown on password-sharing has given Netflix an additional revenue stream now that it's allowing members to pay more to add a friend or relative that isn't living in the same place to their account. A subscription rate increase in October should also help in boosting average revenue per member 4% this year, a metric that rose just 2.5% for domestic users in 2023.
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Can Netflix Stock Hit an All-Time High in 2024?