Netflix, Inc’s (NFLX) Price Target Raised To $950 At BTIG Research

BTIG Research becomes the most bullish sell-side on Netflix stock, as it revises its price target from $600 to $950In a research report released on Monday, BTIG Research analysts were enthusiastic about Netflix, Inc. (NASDAQ:NFLX) stock, as the research firm reiterated its Buy rating on the stock and raised its price objective from $600 to $950, representing a potential upside of 44.57% on the stock’s last closing price. The price target also indicates the most bullish outlook for Netflix stock.

According to BTIG Research analyst Richard Greenfield, the online video streaming giant’s business model is gaining momentum, due to strong international expansion and growing demand for its original content.

Mr. Greenfield has upgraded Netflix stock after roughly seven months when the company rated the stock as a Buy with a price target of $600. The research firm said during its last upgrade that the stock recommendation is based on the forecast that “the breakdown in the traditional media ecosystem would benefit Netflix.”While Netflix has exceeded our $600 one-year price target, we believe its business model is gaining meaningful momentum. In turn, we are setting a new one-year price target of $950, up 45%,” Mr. Greenfield quoted in the report. Mr. Green isn’t the only Wall Street analyst optimistic about Netflix. On Friday, an analyst at Oppenheimer, Jason Helfstein, revised Netflix’s price objective from $610 to $800 and reiterated an “Outperform” rating. Mr. Helfstein was positive about the company’s newly launched services in Spain, Portugal, Italy, and Cuba, and believes that its global subscribers can reach 239 million by 2020.

Similarly, analysts at UBS Dough Mitchelson raised its target price on the stock by $122 to $722, citing increasing demand for its original content, such as “Orange Is the New Black” and “House of Cards”, along with strong overseas expansion.

Head trader at Cowen, David Seasburg, foresees the video streaming giant’s stock to reach $1,400. He said: “International growth for Netflix is really the story here.”

According to data compiled at Bloomberg, out of 43 analysts who cover Netflix stock, 24 tag it as a Buy, 14 label it a Hold, and only five rates it a Sell. The 12-month consensus price objective on the stock is $623.15.

Netflix stock soared as high as 2.39% to $672.79 during trading hours today after Pacific Crest upgraded the stock. The stock has surged 96.11% year-to-date (YTD).

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