Netflix, Inc. (NASDAQ: NFLX) shares are trading lower by $0.50 at $133.20 in Tuesday's session. Off the open, the issue sprinted to a new all-time high ($135.40), eclipsing the former high ($133.93) by over $1.00.
The rally off the open may be attributed to an upgrade from Mizuho, which raised its rating from Neutral to Buy and and raised its price target from $112.00 to $152.00. The rating change comes only one day before the company announces its Q4 results after the close on Wednesday.
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Since making that high, there has been some profit-taking in the issue. The ensuing decline exceeded Friday's close ($133.70), but hasn't reached Friday's low ($130.58) as the current low stands at $132.31.
In order to post a new all-time closing high, Netflix needs to close above $133.70.