Bernstein upgrades Netflix after blowout earnings, sees more than 20% upside ahead

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Bernstein upgrades

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after blowout earnings, sees more than 20% upside ahead

There’s still more room to run for

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after the company’s blockbuster fourth-quarter report, according to Bernstein. The firm upgraded the streaming giant to outperform from market perform and raised its price target to $1,200 per share from $975. Bernstein’s forecast implies nearly 22% upside from Thursday’s close.

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this week reported strong fourth-quarter results , with paid subscribers topping 300 million and earnings and revenue beating expectations. “There are more questions than answers about the key drivers of long-term growth for

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(e.g., sports, advertising, gaming (?)), but what we do know gives us sufficient confidence for a much-delayed upgrade, even at the current price point,” wrote analyst Laurent Yoon. The analyst added that despite a growing field of competition in streaming, a potential rebound in the advertising market could help

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supplement its growth runway. Specifically, he noted that “

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has recently proven to be a credible destination” for live events and the advertising opportunities they bring. Bernstein only the latest firm to upgrade

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following this week’s report. Canaccord Genuity raised its rating on the stock to buy from hold, while Barclays moved to equal weight from underweight . Wolfe Research also shifted its rating to outperform from market perform. “While premium valuation gives pause, our expanded valuation comparison analysis demonstrates the scarcity and preciousness of

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-like growth, scale and profitability,” Wolfe analyst Peter Supino wrote.

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shares have soared nearly 15% this week, putting their 12-month gains at a whopping 80.7%. NFLX 5D mountain NFLX 5-day chart

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#Bernstein #upgrades #

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#blowout #earnings #sees #upside #ahead

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