Netflix investors cautious ahead of Q2 report next week
Netflix (NFLX) received another bullish analyst report on Tuesday, but investors are cautious ahead of the Internet television company’s June quarter report, due out July 15. Netflix stock was down 1% to above 655 in afternoon trading on the stock market today. Netflix hit an all-time high of 706.24 on June 24. Netflix stock will split 7-for-1 after the close on July 14. Raymond James analyst Justin Patterson reiterated an outperform rating on Netflix stock and raised his price target to 730 from 585. He argued that data indicate that consumers are more loyal to the service than previously thought, Barron’s reported. A consumer survey by Raymond James also showed a shift in viewing from cable (linear TV) to streaming (on-demand video). Netflix is the biggest beneficiary of this trend, he said. Netflix has seen several bullish analyst reports with big price target hikes in recent weeks….