The Bottom May Be In for Netflix Stock

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Illustration shows Netflix logo

Severely beaten up shares of Netflix (NFLX) are on the run.

Last checked, the NFLX stock was up $5.34, as it starts to pivot from a recent 52-week low.  It’s also wildly oversold on RSI, MACD, and Williams’ %R.  From a current price of $193, we’d like to see the stock challenge $250 again, near-term. Longer-term, we’d like to see NFLX refill its bearish gap around $350 a share.

Helping, Wedbush analyst Michael Pachter just upgraded the stock to an outperform rating from neutral, with a price target of $280.  All on expectations the company could exceed guidance for the second quarter.

“There is clearly significant upside to Netflix’s recent share price, which has consistently been below $200 as Netflix bulls have gone into hiding and bears have raised concerns about the impact of competition. With over 40% upside to Friday’s closing price, we find Netflix shares to be a compelling investment,” Pachter said, as quoted by Investing.com.

It’s another incredibly oversold stock to consider.