Netflix shares rise after hours following UBS upgrade
Netflix Inc. NFLX, +1.47% shares were up 1.7% in after-hours trading Thursday after an upgrade by UBS. In a note to clients, UBS analyst Eric Sheridan boosted his rating on Netflix stock to buy, from neutral. He also raised his price target to $410 a share, from $400. That’s about a 25% upside from Thursday’s closing price of $324.66. Sheridan cited strong subscriber numbers and investors’ clearer understanding of the streaming company’s challenges. Netflix shares are up 21% year to date, compared to the S&P 500’s SPX, +0.45% 2.4% gain. Over the past 12 months, Netflix is up nearly 53%, compared to the S&P 500’s 5.5% decline.
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
Source: Read Full Article