Shares of streaming giant Netflix Inc (NASDAQ: NFLX) have outperformed the broader market, rendering its valuation less attractive. An analyst at Imperial Capital zeroed in four reasons for the strong showing.
The Netflix Analyst: David Miller downgraded shares from Outperform to In-Line but maintained the price target at $489, suggesting about 2.5% upside from current levels.
The Netflix Thesis: Netflix shares rallied 14.8% in the first quarter compared to the 20.6% drop for the S&P 500 Index, and thus far in 2020, the stock has jumped 50.2% as opposed to the 3.3% drop for the S&P 500 Index, Miller said in a Monday note.
Netflix Price Action: In pre-market trading Monday, Netflix shares were edging up 0.6% to $479.90.
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