Netflix: Heading For $600?
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Netflix, Inc. (NASDAQ: NFLX) shares were trading higher by $4 at $566.05 in Friday's session. One day removed from impressing the Street with Q1 results, it is adding to its mind-boggling gains from Thursday ($86.59).
After a lower open (Thursday's close of $562.05 vs. Friday's open of $558.45), it only retreated to $558 before exploding to the upside. It easily surpassed Thursday's high ($568.75), reaching $575 before falling back under $570.
For the week, Netflix has gained over $110 and has rallied over $220 since December 31 close ($341.61).
The Street high price target for the issue resides with FBR Capital, which recently raised its target from $400 to $900. Hopefully, their clients did not sell at $400, as the issue was trading well above that level ahead of its earnings report.
Most of the Street analyst have price targets ranging from $500-$650.
Editor's note: At time of publication, Netflix shares were back above the $570 level.
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