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JC Parets is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
Eagle Bay Capital Founder JC Parets said on Benzinga's #PreMarket Prep that there is no reason that Netflix, Inc. (NASDAQ: NFLX) should not extend recent gains, making it up to the $720 level. That would represent another 16 percent higher.
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Parets said he liked the momentum and the technicals behind the popular Internet television network. Specifically, he pointed to the fact that Netflix has blown out the $600 level - a place that represented the 61.8 percent Fibonacci extension of the September highs (around $485) to the January lows (near $318).
On Netflix, Parets said, "I like it; I think it goes higher." He continued, "There's nothing not to like. […] I'd tell you to buy weakness, but you rarely see it in this one."
Parets is joined in his view by Citi analysts, who forecasted a $722 price target today, as well as Nic Chahine, who said on #PreMarket Prep that the stock could see $700 in a short amount of time.
Year to date, Netflix has gained more than 80 percent, with 50 percent of those gains coming since early April.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.