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Netflix gets double upgrade as analyst urges to buy on the 27% dip

November 5, 2018


One Wall Street brokerage just did an about-face on Netflix, telling clients the the stock’s 27 percent decline from its July high represents an attractive buying opportunity.

In a rare move, Buckingham Research raised its rating two notches to buy from underperform for Netflix shares, saying that while it was previously cautious on its “elevated” stock price, it still believes it is a top-notch option.

“We have always viewed Netflix as the continued top streaming category winner,” analyst Matthew Harrigan wrote Monday. We are “increasing our price target to $406 from $349, providing 31 percent upside, with the stock’s 27 percent decline from its July 12-month high being the primary upgrade catalyst.”

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