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A Netflix skeptic has changed his tune on the Internet TV network. BTIG analyst Richard Greenfield upgraded his rating on Netflix stock late Monday to buy from neutral and set a 12-month price target of 600. Netflix (NFLX) stock was up 2.5%, near 450, in afternoon trading on the stock market today. “Our September 2013 downgrade of Netflix (NFLX) to neutral based on valuation was clearly a mistake,” Greenfield said in a research report. Netflix stock has risen about 45% since that downgrade. Greenfield now forecasts Netflix to reach 100 million subscribers worldwide by 2017. Netflix ended the second quarter with 50 million streaming video subscribers worldwide. The company is scheduled to report Q3 earnings on Wednesday after the market close. “Netflix is focusing on expanding its overseas footprint and investing heavily in higher-quality content to accelerate its subscriber growth trajectory,” Greenfield said. The company is leading the shift from linear… Scalper1 News
Scalper1 News