Netflix, the world’s most popular streaming service, has added 7 million new clients to its customer base over the course of only three months — July, August and September. As a result, NFLX.O shares demonstrated a 11% surge before market open on October 17.
137 million people use its services worldwide, 2 million more than previously estimated. Wall Street is impressed with its most recent earnings report, as well.
“We don’t believe in ‘open-ended growth stories.’ But, darn, NFLX is about as close to one as you can find in today’s market,” said Mark Mahaney, RBC analyst.
Several prominent brokerages raised their price targets on the company. Despite cutting the price target from $470 to $430, Goldman Sachs eventually raised it to $480. NFLX.O stock was traded at $346 before market close. In afterhours, its price climbed to $389.
Source: Netflix shares jump after record subscriber growth
