Netflix, Inc. (NASDAQ: NFLX) might be able to blame the market, or it might be able to blame a sentiment shift after its recently announced price shift. Since Netflix has announced earlier this week that Monday, July 25, 2011 would be its earnings date, we wanted to know what analysts were thinking since the stock has run into some headwinds after a monumental rise.
On Wednesday came the news that JPMorgan started Netflix with a Outperform rating and $340 target. While this is an obvious way-late call at an ongoing party, this was really new sector coverage on Internet and new media at the firm that included many other companies.
It looks like the firm that may have been a couple of days premature but right if the current reaction holds up is Merriman, which downgraded the stock last week to Neutral from Buy. Last week came news that Bank of America reiterated a Buy rating with a $325 target.
This week came a report from Canaccord where the firm reiterated its Buy rating and $300 target.
The consensus price target on Netflix has risen but the target remains under the current share price at $252.00. The 52-week range is $95.33 to $304.79 and now shares are down 3.3% at $288.88 in mid-afternoon trading. A 5% drop from the highs might not scare too many investors, but that is something that the momentum investors might consider with much more caution. When momentum stocks are hot, but when they are not they really are not.
JON C. OGG
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.