Netflix stock trades above $400 for the first time after bullish analyst notes

netflix stock trades above  for the first time after bullish analyst notes
Netflix stock trades above $400 for the first time after bullish analyst notes

GBH raises Netflix price target to $500

People are watching Netflix nearly double the time they’re watching the streaming service’s nearest competitors, according to GBH Insights analyst Daniel Ives, who raised the company’s price target to $500 from $400 on Tuesday. A GBH survey showed the average Netflix user watched the streaming service around 10 hours per week, while subscribers of Amazon and Hulu watched closer to 5 hours per week. Ives reiterated GBH’s “highly attractive” rating, saying Netflix remains in a position of “iron-like strength to grow its content and distribution tentacles over the next 12 to 18 months.” The company is also expanding its appeal globally, he said, spending major resources over the past two years developing a global distribution arm and customer base in over 100 countries. Ives believes Netflix’s “holy grail” of growth and profitability will be its international customers, a potential market of 700 million subscribers by 2020. Netflix shares are up 103.4% so far, while the technology-heavy Nasdaq has risen 12.2% and the S&P500 has gained 3.7%.

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