The firm also hiked its rating on the stock to buy from hold.
Netflix is a cheap and smart buy after a recent pullback as the Hollywood strikes continue, according to Loop Capital. Analyst Alan Gould upgraded the streaming giant to a buy from a hold and raised his price target by $75 to $500. His new target implies a 22.9% upside over Thursday's close. "We have been fundamentally strong believers in NFLX, but cautious on valuation," he said in a note to clients.
Gould noted that competing streaming platforms have raised prices while reducing spending on content, a recipe that he said can help bolster Netflix's competitive position. And even as more competitors enter the field, he said Netflix has been able to keep its share of engagement. He also said the company is best positioned for the Hollywood actors and writers work stoppages.
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