Netflix Inc NFLX is trading higher Monday morning following positive analyst coverage from Citigroup.
Citigroup analyst Jason Bazinet upgraded Netflix from a Neutral rating to a Buy rating and announced a $450 price target.
According to reports, Bazinet cited attractive valuation on the back of strong free cash flow as a reason for the upgrade. The Citigroup analyst thinks the stock offers a compelling entry point after trading significantly lower to start the year on weaker-than-expected subscriber growth. The stock is down more than 35% year-to-date.
An SEC filing also showed that Netflix co-CEO Reed Hastings bought more than 50,000 Netflix shares worth about $20 million. The purchase comes shortly after Pershing Square's Bill Ackman revealed that he bought more than 3.1 million shares of the streaming giant, making Pershing Square a top-20 shareholder in the company.
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NFLX Price Action: Netflix has traded as low as $351.46 and as high as $700.98 over a 52-week period.
The stock was up 6.8% at $410.62 at time of publication.
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