Shares of Netflix Inc. rallied 0.8% in afternoon trading Monday, after yet another Wall Street analyst boosted their price target ahead of earnings, citing the video streaming giant’s “robust” content slate. UBS analyst John Hodulik reiterated the buy rating he’s had on the stock since January, but raised his stock price target to $720 from $620. “We expect 3Q to show inflecting subscriber trends as content production, the return of popular series and new hits drive improved subscriber acquisition, engagement and growth,” Hodulick wrote in a note to clients. He said app downloads suggest 3Q net adds will be above management guidance for 3.5 million. Netflix is scheduled to report 3Q results on Tuesday, after the closing bell. No less than 10 analysts surveyed by FactSet have raised their price targets in the past week. The stock has fallen the day after six of the past seven quarterly reports were reported. The stock has rallied 19.5% over the past three months, while the S&P 500 has gained 19.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
