Netflix has been active in various areas in recent months. The company has announced price increases, pleased investors with strong user growth, but disappointed them by choosing not to publish user figures. Despite the uncertainty caused by the Darth Maul chart pattern in April, Netflix’s shares have been performing well in the stock market, steadily climbing and currently trading near its 52-week highs.
The stock is showing a bull flag chart pattern, indicating a potential breakout as it forms a solid setup with reduced volume during the current accumulation phase. If NFLX shares break above the resistance level around $653.27, a significant upward movement could be triggered. However, the stock has been trading in the red during the extended session, so the support zone near $644 should be closely monitored.
Despite the slow movement compared to other major companies, Netflix’s stock is only slightly above its April highs by less than $20. With these recent developments in mind, Finbold has decided to analyze the next steps for Netflix and where the company might be in a year.
Analysts have a cautiously bullish outlook on NFLX shares, with an overall ‘moderate buy’ rating on TipRanks. Out of 36 experts on the platform, 23 consider Netflix a ‘buy,’ 12 rate it as a ‘hold,’ and 1 suggests it’s time to sell. The average price target stands at $657.98, just 0.72% above the current price of $653.26.
Recent price target revisions have been generally positive, with Evercore ISI raising its prediction to $700 and KeyCorp reaffirming their buy rating with a target of $707. Pivotal Research Group is the most bullish, predicting a target of $800 within the next 52 weeks. However, Benchmark raised concerns by setting a target of $450, the lowest on the street, and recommending selling for savvy traders.
Overall, while there is optimism surrounding Netflix’s future, not all experts share the same sentiment. Investors should carefully consider the risks before making any investment decisions.
