Friday, January 21, 2022

Netflix Stock Surges Ahead Of Busy Schedule Of New Content Releases

Internet television network Netflix (NFLX) expects subscriber additions to pick up this fall as it enters a busy period of premieres of new movies and TV series. Netflix stock surged on Tuesday.

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Evercore ISI analyst Mark Mahaney on Monday reiterated his outperform rating on Netflix stock and raised his price target to 695 from 635.

On the stock market today, Netflix stock jumped 2.7% to close at 606.71. Earlier in the session, it notched a record high of 613.85.

In a note to clients, Mahaney cited proprietary surveys in the U.S. and India for his increased confidence in Netflix stock. He also noted his analysis of what looks like a “very robust content slate” for the streaming video leader.

Fan Event Possible Catalyst For Netflix Stock

Netflix management blamed the company’s light content slate in the first half of the year as a reason why it missed Wall Street’s estimates for subscriber additions in the last two quarters.

Netflix‘s content slate for the second half of the year is much improved, especially in the fourth quarter, Mahaney said.

Fresh content in September includes new seasons of hit shows “Money Heist” and “Lucifer,” and action movie “Kate.” Coming later this year are new episodes of “Cobra Kai,” “The Witcher” and “You.”

On Sept. 25, Netflix is holding an online fan event to preview upcoming shows. Over 70 films and series will be featured throughout the three-hour event. They include the highly anticipated next seasons of “Stranger Things” and “Bridgerton” and big-budget movies like “Red Notice” and “Don’t Look Up.”

The fan event, called Tudum, is named after the sound Netflix users hear when they press “Play.” The event could be the next catalyst for Netflix stock, (BofA) Securities analyst Nat Schindler said in a note to clients Tuesday. He rates Netflix stock as buy with a price target of 680.

Netflix Stock Returns To Buy Zone

Netflix has a solid second-half 2021 content lineup that we think differentiates (it) vs. (the) competition,” Schindler said.

Also, Netflix will begin streaming all 180 episodes of the classic NBC sitcom “Seinfeld” on Oct. 1. Netflix stock jumped on the “Seinfeld” news last week.

On Sept. 2, Netflix stock crossed a buy point of 593.39 out of a 32-week consolidation period, but it ended the day below that point. It returned to the buy zone on Tuesday. The buy zone extends to 623.06, based on IBD trading principles.

Elsewhere, Atlantic Equities analyst Hamilton Faber raised his price target on Netflix stock to 780 from 690. He reiterated his overweight, or buy, rating.

Faber said he sees Netflix making big gains in international markets over the coming years.

He increased his 2024 subscriber estimate to 292 million from 279 million and introduced a 2025 estimate of 311 million subscribers. He forecasts Netflix to add 102 million incremental subscribers over the next four and a half years.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


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Netflix Stock Surges Ahead Of Busy Schedule Of New Content Releases

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