Netflix Is a ‘Buy’ for Three Reasons, Says Citi
By
Associated Press
Citi is down with OTT when it comes to Netflix Inc.NFLX +3.43%
The bank upgraded shares of the streaming video service Friday to buy from neutral for three main reasons. First, Citi says the recent pullback in shares has set up a buy-the-dip opportunity for Netflix bulls like itself. Second, the bank says the content lineup has improved and newly released material is getting good reviews. Third, Citi likes the disruptive nature of Netflix.
Mark May, a Citi analyst, raised his 12-month price target on Netflix shares to $525 from $409. He says the stock could rise to more than $750 over the long term. Netflix shares have been on a wild ride recently, witnessing volatile up-down trading for the past year. Most recently the stock leaped 17% in early January after the company reported strong subscription growth in its quarterly results. The stock hit an all-time high of $489.29 in September. But then gapped down 19% in a single day in October after user growth disappointed…
Netflix Is a ‘Buy’ for Three Reasons, Says Citi
