Shares of Netflix (NASDAQ: NFLX) were up 7% as of 12:57 p.m. ET on Thursday after receiving positive comments from one Wall Street analyst.
Evercore ISI analyst Mark Mahaney likes the stock after conducting research on the streaming platform's opportunities to pad revenue with its upcoming ad-supported subscription plan and efforts to end password sharing. Mahaney upgraded the stock to a buy with a $300 near-term price target.
Netflix shares have been hammered over subscriber losses to start the year and are down 60% year to date, but new catalysts could bring hope for a turnaround.
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Why Netflix Stock Was Trading Higher Earlier Today