Shares of Netflix Inc. NFLX, +5.45% jumped 5.4% after the company was upgraded to buy from neutral at Citi on Friday. Maintaining its target price of $375, Citi said the recent sell-off is an opportunity for investors to own a “high-quality, recurring revenue franchise with attractive upside potential.” According to Citi, “fundamentals remain strong… and the opportunity to continue growing international subs and to exert pricing power leverage remain, in our view.” Netflix announces earnings next Tuesday after market close, and all eyes will be on subscriber growth after the company’s second-quarter miss. Netflix shares have tumbled 18% in the past three months, though they’re up 76% in the year to date. The S&P 500 SPX, +1.45% has gained 3.3% in the year to date.
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