Netflix, Inc. NFLX share are trading higher by $3.30 at $142.44 in Monday's session. The catalyst for the rally is an upgrade from Neutral to Buy at UBS. The firm significantly raised its price target from $136.00 to $175.00.
The upgrade couldn't have come at a better time for the issue, as it reached its lowest level ($138.26) since making its all-time high ($145.95) on February 13. Its all-time closing high was made on February 23 at $143.86.
The low from Friday is technically significant as it's a little more than $1.00 from its lowest level reached ($137.03) since a better-than-expected Q4.
When and if that major support level is breached, there may only be limited support until the top of the trading range from the day prior to its Q4 report (January 18) at $133.65.
See Also:
Investor Concerns About Netflix's Competition, Content Costs 'Misplaced'
This Earnings Season Made Netflix The Top Long-Term Internet Pick
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
