Analyst: Netflix Stock Has More Than 20% Upside

Netflix is up 38% in 2023

Deputy Editor
Aug 25, 2023 at 9:06 AM
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Loop Capital upgraded shares of Netflix Inc (NASDAQ:NFLX) to "buy" from "hold," and hiked its price target to $500 from $425 -- more than 20% upside to last night's close. The Wall Street analyst praised NFLX's attractive price point amid the writers' strike in Hollywood.

Coming into today, analysts were already bullish on NFLX. There's still plenty of room for a change in sentiment, considering 14 of 34 rate Netflix stock a "hold" or worse. Bearish bets have been popular over the last two weeks, per the equity's 10-day put/call volume ratio of 1.15 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 95% of readings from the past 12 months. 

Echoing this, NFLX's Schaeffer's put/call open interest ratio (SOIR) of 1.21 sits in the 76th percentile of annual readings. Those looking to weigh on the security's next moves should consider options, as its Schaeffer's Volatility Index (SVI) of 34% ranks higher than just 5% of readings from the past 12 months, implying these traders are pricing in low volatility expectations. 

Boasting a 1.4% premarket lead, Netflix stock is hovering just above the $410 level, which served as a floor in June and July. The equity has shed 7.3% so far in August, though it's looking to break free from two-straight losing weeks. Year to date, NFLX is up 38%.

 

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