Jim Cramer Notes Big Swing In BofA's Netflix View

Loading...
Loading...

Netflix, Inc. NFLX's recent upgrade by Bank of America is a case of an analyst eating crow, CNBC's Jim Cramer said Tuesday.

Analyst Nathan Schindler more than doubled his price target on Netflix Tuesday to $722 and boosted his 2016 earnings estimate more than 120 percent to $4.32, from $1.96.

Netflix gained more than 3 percent recently to $572.04.

"Talk about eating crow," Cramer said. "This is like a whole tree of crows like we saw in the movie 'The Birds'."

"This was just an extraordinary reversal of how a guy feels about a stock," Cramer said of Schindler's changed view.

Schindler reportedly boosted his rating to Buy from Underperform, telling clients he's "more constructive" on Netflix's potential to grow subscribers and earnings based on its rapidly growing original content.

Analysts on average expect 2016 earnings of $3.52 a share, maintaining an Overweight rating and $561.05 target on Netflix.

Netflix last month posted a 24 percent gain in first-quarter revenue.

date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorCNBCJim CramerUpgradesPrice TargetAnalyst RatingsMedia
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...