An analyst’s praise can be the jet fuel that propels a stock to new heights. And in the case of video streaming juggernaut Netflix (NASDAQ:NFLX), Evercore analysts’ favorable comments did just that, nudging shares upward in the final moments of Tuesday’s trading session.
Evercore Analyst’s High Praise
Leading the charge was the esteemed five-star analyst Mark Mahaney from Evercore, who bestowed upon Netflix some of the loftiest accolades in its existence. Mahaney emphatically expressed his belief that Netflix is firing on all cylinders at present, maintaining his Outperform rating on the stock while also considerably raising the price target from $650 to $700 per share.
In Mahaney’s eyes, Netflix stands as a rare gem in the market, with Mahaney dubbing it a “small buy for us here” due to its exceptional performance on all fronts. He further remarked that Netflix is currently situated in the most financially robust, fundamentally sound, and competitively advantageous position ever witnessed. Notably, Mahaney boasts an impressive 74% success rate on NFLX stock with an average return of 23.73% per rating.
Continued Excellence on the Horizon
But can Netflix go from strength to strength? Signs certainly point in that direction. A recent analysis by The New York Times delved into Netflix’s relentless pursuit of improvement. One of the key strategies involves ramping up the quest for fresh content globally. A case in point is the popular show “Squid Game,” which initially started as a movie before Netflix suggested breaking it down into a series. And a glimpse at Netflix’s upcoming content for June alone reveals a barrage of shows and movies that could keep viewers glued to their screens well into the distant future.
Prospective Outlook
Looking at Wall Street sentiment, analysts maintain a Moderate Buy consensus rating on NFLX stock, comprising 23 Buys, 12 Holds, and one Sell over the past three months. Despite a substantial 64.89% surge in share price over the previous year, the average price target for NFLX of $658.20 per share hints at a modest 1.54% upside potential.
