Wall Street establishes Netflixs stock price forecast for the upcoming year
Netflix has been active on all fronts in recent months with various announcements and developments. The company has implemented price hikes, reported strong user growth, but decided to stop publishing user figures. Despite some uncertainty in the stock market due to the Darth Maul chart pattern in April, Netflix shares have been climbing steadily. Currently trading near its 52-week highs, Netflix is showing a bull flag chart pattern, indicating a potential breakout. If NFLX shares break above the resistance level around $653.27, a significant upward movement could be triggered. However, the support zone near $644 should also be monitored as Netflix has been trading in the red during the extended session.
While Netflix’s stock has been moving slowly compared to other major companies, analysts are cautiously optimistic about its future. On TipRanks, of the 36 experts surveyed in the last 3 months, 23 rate NFLX stock as a ‘buy,’ 12 as a ‘hold,’ and 1 as a ‘sell.’ The average price target is $657.98, just slightly above the current price of $653.26.
Despite some mixed opinions, the most recent price target revisions have been generally bullish. Evercore ISI raised its prediction from $650 to $700, while KeyCorp increased its target from $705 to $707. Pivotal Research Group is the most bullish, forecasting that Netflix could reach $800 in the next 52 weeks. However, Benchmark has a more conservative target of $450, suggesting that selling may be the best option for some traders.
In conclusion, analysts are divided on Netflix’s future performance, with some predicting significant growth while others remain cautious. The recent developments and market trends suggest that Netflix’s stock will continue to be closely monitored in the coming months.
