Keep an eye on Netflix (NFLX).
After finding double-bottom support at $400, the NFLX stock popped to $427.55. Now, if it can break above resistance at $440, it could potentially test $480 again.
All thanks to its potential revenue surge from password crackdowns.
“Our estimates imply Netflix directly recaptures 46% of the total estimated 100 million account sharers by the end of 2025. Given the partial rollout of paid sharing yielded about 6 million subs in one month, we believe there is upside to our above consensus 2024 net add estimate of about 24 million,” Oppenheimer analyst Jason Helfstein said, as quoted by Barron’s. The analyst has an outperform rating on the NFLX stock, with a price target of $515 a share.
In addition, Bloomberg noted that according to researchers at Antenna, about 2.6 million people signed up for NFLX accounts in July. That was the highest reported number among all video streaming services, they added.
Sincerely,
Ian Cooper
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