Netflix, Inc. (NASDAQ:NFLX) stock was on the rise Wednesday following an update to its price target.
Analysts at UBS have raised the price target for NFLX stock to $225. The previous price target that the firm had for Netflix, Inc.’s shares was $190. NFLX stock was priced at $179.19 when the markets closed on Tuesday.
UBS’ new price target for NFLX stock has it taking a bullish stance on the company’s shares. The current consensus price target for Netflix, Inc. from Wall Street is sitting at $190 per share.
The reason that UBS is expecting a higher stock price from Netflix, Inc. has to do with a few factors. The first is that the company has been seeing a growing subscriber base in 2017. The firm expects this to continue through the year and lead to strong growth for the streaming service, reports Business Insider notes.
UBS also notes that Netflix, Inc. isn’t spending as much money on original content in Q3 2017 as it did the year time last year. It believes that the growth in subscribers is due to the wide array of content already available on the service. UBS also notes that NFLX is focusing more overseas and people in other countries are taking notice of the service.
Netflix, Inc.’s carousel of content changes every month as the streaming service adds and removes movies and TV shows. Here are some of the new movies that are being added in October.
NFLX stock was up 3% as of noon Wednesday and is up 49% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.