Netflix's stock rises after Cowen raises rating, price target

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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    NEW YORK (MarketWatch) -- Shares of Netflix Inc. rose 1% in premarket trade Friday, after Cowen upgraded the video streaming service, citing strong user survey results, increasing original content and attractive valuation. Analyst John Blackledge raised his rating on the stock to outperform from market perform, and his price target to $382 from $360. He said Cowen's survey of U.S. users showed Netflix was the highest-rated among over-the-top video service providers, and that time spent on Netflix per week was rising. Blackledge also said the fact that Netflix is launching 20 new original shows in 2015, or double the number over the last two years, should increase usage and user loyalty. His new target for the stock is 18% above Thursday's closing price of $323.76. The stock has lost 10% over the past three months, while the S&P 500 had gained 7%.
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