Netflix shows strong Q4 results
Shares for the company hit a 52-week highNEW YORK -- Netflix shares soared more than 20% Thursday and hit a 52-week high, a day after the DVD-by-mail pioneer posted strong fourth-quarter results.
The stock hit a 52-week high of $63.85 earlier in the trading session and closed at $63.04, up 23.7%.
Jefferies & Co. analyst Youssef Squali in the morning upgraded Netflix shares from "hold" to "buy," arguing that the company's "momentum is stronger than ever, driven by excellent execution amid a very favorable competitive environment." He also raised his price target from $52 to $65.
Some on Wall Street also cited renewed speculation that Amazon.com or another company could acquire Netflix.