Wall Street Fades Oppenheimer Price Target Increase In Netflix
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Netflix, Inc. (NASDAQ: NFLX) shares are trading lower by $2.40 at $660.80 in Friday's session. It's possible the Street used the recent price target increase by Oppenheimer to $800 to exit the issue.
The price target increase, from the desk of analyst Jason Helfstein, instigated a sharply higher open ($673.70 versus Thursday's close of $663.20). However, Netflix rallied a little more than $1 to $674.93, before reversing course.
So far, the ensuing decline has taken the issue through Thursday's low ($660.58), to $659.40 before rebounding back over $660.
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