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Shares of Netflix (NFLX - Free Report) were up more than 3.3% in afternoon trading Wednesday after a key analyst downplayed the significance of Disney’s (DIS - Free Report) decision to pull its content from the video streaming platform.
In a recent note to clients, Bernstein’s Todd Juenger argued that the key to Netflix’s continued growth will be the continued expansion of its international business—an area in which Disney is not a factor.
“Almost all of Netflix's future growth will come from international … Investors who were already skeptical (or bullish) on int'l growth will remain so – but Disney's U.S. non-renewal should have no effect on that view,” Juenger wrote.
Disney movies are currently available on Netflix in the U.S., Canada, and just two other countries. “"In the U.S., recent news flow has, if anything, made us more bullish,” the analyst added.
Bernstein reiterated its “overweight” rating for Netflix, and Juenger raised his price target for the stock to $203—a 20.3% premium to Tuesday’s close.
After opening at $169.50 per share, Netflix steadily climbed higher throughout the day Wednesday, eventually hitting an intraday peak of $174.77 in afternoon trading. As of right now, the video streaming company remains a Zacks Rank #3 (Hold).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
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Why Did Netflix (NFLX) Stock Gain Today?
Shares of Netflix (NFLX - Free Report) were up more than 3.3% in afternoon trading Wednesday after a key analyst downplayed the significance of Disney’s (DIS - Free Report) decision to pull its content from the video streaming platform.
In a recent note to clients, Bernstein’s Todd Juenger argued that the key to Netflix’s continued growth will be the continued expansion of its international business—an area in which Disney is not a factor.
“Almost all of Netflix's future growth will come from international … Investors who were already skeptical (or bullish) on int'l growth will remain so – but Disney's U.S. non-renewal should have no effect on that view,” Juenger wrote.
Disney movies are currently available on Netflix in the U.S., Canada, and just two other countries. “"In the U.S., recent news flow has, if anything, made us more bullish,” the analyst added.
Bernstein reiterated its “overweight” rating for Netflix, and Juenger raised his price target for the stock to $203—a 20.3% premium to Tuesday’s close.
After opening at $169.50 per share, Netflix steadily climbed higher throughout the day Wednesday, eventually hitting an intraday peak of $174.77 in afternoon trading. As of right now, the video streaming company remains a Zacks Rank #3 (Hold).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
4 Surprising Tech Stocks to Keep an Eye On
Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without.
More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really take off. See Stocks Now>>