After a year of poorly received financial updates, Netflix (NASDAQ: NFLX) was bound to catch a break eventually.
The premium streaming pioneer saw its shares tumble 7% on Friday after following up mixed financial results with uninspiring guidance, with the stock down 46% over the past year, but at least one Wall Street pro sees the markdown as a buying opportunity
Helena Wang at Phillip Securities upgraded the beleaguered stock over the weekend. The move comes after at least 14 analysts slashed their price targets on Friday and another chimed in with a ratings downgrade. The move is timely for a stock that has shed nearly half of its value since hitting an all-time high last summer.
Let’s take a closer look. Success is relative Wang’s move is notable for two reasons, after a flurry of pessimistic Wall Street notes heading into the weekend. Wang’s is the lone upgrade so far, bumping her firm’s opinion from “accumulate” to “buy.” The Philip Securities analyst is also sticking to her earlier price target of $110.