Netflix (NFLX) is on the move. After a recent pullback from about $323 to $291.12, the stock appears to have caught double bottom support. If it can hold support, we’d like to see NFLX retest $323, near-term. From there, we’d like to see it test $450, and potentially refill its gap around $550.
Helping, a former bear turned bull, CFRA analyst Kenneth Leon just gave NFLX a double upgrade to Buy from Sell, and increased his firm’s target to $310. According to Barron’s, the analyst likes the company’s “new revenue streams from advertising, new ad-pay plans ($6.99/month), and new paid sharing efforts to better control sharing of subscription accounts.”