Netflix (NFLX)

Dec 19, 2022Trade Ideas

Keep an eye on Netflix (NFLX).

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. Jefferies also just raised its price target to $310 from $250.

And, according to Tip Ranks: Cowen and Wells Fargo slapped Netflix stock with an upgrade. Wells noted that the company has “more ways to win” the new year. Wells Fargo analyst Steven Cahall hiked his recommendation from “Hold” to “Buy” while increasing the NFLX stock price target from $300 to $400. That’s a massive upgrade that caught investors’ attention on a sluggish day on Wall Street.

We also have to consider that 20 million consumers have now cut the cord since 2019, and is only expected to grow. Also, according to Market Research Future, the global video streaming market could be a $972 billion market by 2030 with a CAGR of about 18.1%.

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