Why Netflix Is Up (Again) Today
Following through on yesterday's big bounce, shares of streaming giant Netflix (NASDAQ: NFLX) are higher by 5% as of 3:29 p.m. ET Tuesday. No new news surfaced from or about the company. Rather, investors continue to digest a number of factors, including yesterday's upgrade, that will impact the company (and its stock).
If a specific development has to be linked to the week-to-date gain of nearly 17%, it's the combination of a recent upgrade from Citigroup and the recently completed $20 million purchase of Netflix stock by Netflix CEO Reed Hastings. Although Citi analyst Jason Bazinet lowered his price target from $595 per share to $450, he also upgraded the stock from a neutral to a buy, citing the company's pricing power.
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Source Fool.com
