Netflix's stock rose Wednesday after it garnered another $500 price target from a Wall Street analyst.
Shares of Netflix Inc. rose Wednesday, after they garnered another $500 price target from a Wall Street analyst, with Oppenheimer’s Jason Helfstein now more bullish on the streaming video giant’s growth outlook as it phases out the lowest-priced ad-free subscription tier.
Helfstein reiterated the outperform rating he’s had on Netflix’s stock NFLX since September 2022, but raised his price target to $500 from $450. The new price target implied about 20% upside from Tuesday’s closing price of $417.08. Netflix’s stock rose 1.5% in premarket trading. The stock pulled back 6.3% over the past seven sessions, after closing June 15 at a 17-month high of $445.27.
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