Netflix (NFLX) could see higher highs.
On Dec. 30, we noted, “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.”
Since that note, NFLX ran from $291.12 to $309.70, where we still like it. Even analyst at Evercore like NFLX, believing it could see $500 by 2024. In fact, according to StreetInsider.com:
“Evercore ISI analyst Mark Mahaney reiterated an Outperform rating on Netflix stock and a $340 per share price target. The broker’s price target implies an upside risk of around 10% relative to Netflix’s closing price on Thursday. However, Mahaney notes that shares could rally about 70% by 2024 if the streaming giant can add 25 million incremental subs. If Netflix can add $20 in 2025 EPS, Mahaney calculates that Netflix stock price could exceed $500 by 2024. NFLX remains our #1 Long recommendation for ’23.”