Why Netflix Stock Popped by 5% on Wednesday
Shares of Netflix (NASDAQ: NFLX) rose by a shade under 5% on Wednesday, topping the performance of the surging S&P 500 index, which gained about 3.6%. Investors were cheered when a longtime Netflix bear lost some of his grumpiness and upgraded his recommendation on the stock.
The analyst in question is Wedbush's Michael Pachter, who has attracted some notoriety for being a top Netflix bear. It seems he's warming up to the company a bit: On Wednesday, he upped his recommendation on its shares from underperform (read: sell) to neutral. He kept his price target the same, though, at $342 per share.
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Source Fool.com
