Netflix ( NASDAQ:NFLX ) stock rose on Tuesday morning after a positive analyst report. The early gains peaked around 10:20 a.m. ET, when Netflix stock ( NASDAQ:NFLX ) was trading 5.3% higher than the previous day’s closing price.
What Happened to Netflix Stock
Netflix stock ( NASDAQ:NFLX ) was raised from a neutral recommendation to an outperform grade by Daiwa Capital Markets . Satoshi Tanaka, a Daiwa analyst, raised his target price for the company from $226 to $330 per share. The revised goal implies a 17% premium over yesterday night’s closing price and an 11% increase over Tuesday’s top reading.
The company has not thoroughly explained the reasoning for this change. On the other hand, Netflix reported strong results last week, outperforming analysts by 1% in sales and 45% in profitability. The firm also gained customers after two consecutive quarters of declining user counts, and the report went into further information about Netflix’s ad-supported service and password-sharing enforcement plans.
Mr. Tanaka’s worth on Netflix stock ( NASDAQ:NFLX ) is likely to have improved due to a combination of these good factors.
What Now?
At least 12 analyst firms upped their Netflix stock ( NASDAQ:NFLX ) price estimates immediately after the company’s third-quarter results on Tue...
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