Netflix
Netflix
NFLX
$11.88
1.71%
29%
IBD Stock Analysis
- Shares fell near a 697.49 buy point
- Recent move could lead to higher handle with alternate entry at 711.33
- Netflix revenue growth accelerates
Industry Group Ranking
Emerging patterns
cup
*Not real-time data. All data displayed was taken on August 28, 2024 at 12:10 PM EDT.
Netflix (NFLX) is IBD's Stock of the Day, as the streaming video leader is experiencing strong sales and earnings growth. Netflix shares are also approaching the buy zone.
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On August 20th, Netflix shares hit a buy point of 697.49 in a cup base. IBD Market SurgeHowever, over the next four trading sessions, Netflix retreated modestly from the 5% buy zone, and while it did move back into the buy zone on Tuesday, it ended the regular session just below it.
On the stock market today, Netflix shares fell 1.7% to close at 683.84.
If Netflix shares move back into the buy zone soon, investors could use the recent high of 711.33 as an additional buy point, he said. IBD Analysis.
Netflix hit a record high after announcing that upfront advertising deals have more than doubled this year.
Additionally, the Los Gatos, California-based company announced its fourth consecutive quarter of accelerating revenue growth.
Netflix stock price target raised
Evercore ISI analyst Mark Mahaney raised his price target on Netflix shares to $750 from $710 and maintained an outperform rating in a client note on Tuesday.
“Netflix's competitive position is stronger than it's ever been,” Mahaney said.
He cited his company's research among U.S. and Mexican consumers, which found that Netflix has higher satisfaction rates than its competitors, including: Walt Disneyof(Dis) Disney+ and Hulu, Warner Bros. Discoveryof(World BD) Max and Amazonof(Amazon) Amazon Prime Video.
Survey respondents also said they chose Netflix as the country with the best content, with recent popular content on Netflix including the action-comedy film “The Union” and season four of the comedy-drama series “Emily in Paris.”
Netflix shares are ranked #1 out of 20 stocks in IBD's Leisure & Movies industry group. IBD Stock CheckupThe IBD Overall Rating is 98 out of 99.
Netflix stock appears on two IBD lists. IBD50 And SwingTrader.
Follow Patrick Seitz on X (formerly Twitter). Translator For more articles on consumer technology, software and semiconductor stocks, see here.
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