Shares of Internet TV network Netflix (NFLX) jumped Tuesday on a stock upgrade and news about the company’s latest moves to increase its original programming.
Netflix rose 4.5% to 124.57 on the stock market today.
Research firm Evercore ISI on Tuesday upgraded Netflix stock to hold from sell after observing that competing streaming video services have failed to gain meaningful traction.
“While Netflix’s elevated spending levels continue to raise the stakes where valuation is concerned, competitively speaking, Netflix seems to be in a good position,” Evercore ISI analyst Ken Sena said in a report. He set a price target of 111 on the stock.
IBD’S TAKE: Netflix was added to IBD’s Leaderboard list of actionable stocks after it cleared resistance around 120. The stock is building the handle of a cup-with-handle base with a buy point of 129.39. Netflix has found support at its 50-day…