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Netflix Stock Catches an Upgrade. Why the Streamer Could Climb Another 19%

Netflix stock has been struggling for direction lately -- but it could be due another rally as excitement builds about the video streamer's ad-supported tier, according to Seaport Research Partners analyst David Joyce.Joyce upgraded shares to Buy from Neutral late Monday, while hiking his price target to $1,385 from $1,230. The new target price implies that Netflix can jump about 19% from its level as of Monday's close.The stock started the year on a tear, propelling the streamer to a half-a-trillion dollar valuation, but has slipped about 10% over the past three months as investors digested the rally.Joyce said he would be a buyer heading into Netflix's third-quarter earnings on Oct. 21, as he raised his estimates for both ad revenue and operating income.Data from Nielsen suggests that Netflix now only trails Disney and Alphabet's YouTube TV when it comes to TV market share, the analyst noted.
Netflix Stock Catches an Upgrade. Why the Streamer Could Climb Another 19%

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