CNBC’s Jim Cramer expressed strong buying conviction for Netflix Inc. NFLX during Wednesday’s Lightning Round on “Mad Money,” as the streaming giant’s shares traded near $934 amid broader tech market strength.
What Happened: Cramer’s recommendation comes as JPMorgan analyst Doug Anmuth raised his price target on Netflix to $1,010 from $850, citing robust subscriber growth and expanding ad revenue.
The platform recently achieved a milestone with its Jake Paul vs. Mike Tyson boxing match, which became the most-streamed sporting event ever with 60 million households watching live.
Netflix’s ad-supported tier has reached 70 million monthly active users and is projected to hit 120 million by late 2025. The company is expected to add 10 million subscribers in the fourth quarter, according to JPMorgan’s estimates.
During the same Lightning Round, Cramer also endorsed Advanced Micro Devices Inc. AMD, calling it “cheap” despite lagging behind NVIDIA Corp. NVDA. He expressed cautious optimism about Johnson & Johnson JNJ “even with the talc litigation,” while showing less enthusiasm for JD.com Inc. JD, which he described as “too much of a stretch.”
See Also: Nasdaq Surges Past 20,000 For First Time, Driven By Tech Gains And Rate Cut Hopes
Why It Matters: The endorsement came during a historic day for tech stocks, as the Nasdaq Composite surpassed 20,000 points for the first time, closing at 20,034, marking a 1.77% gain.
The stock picks came as the S&P 500 rose 0.82% to 6,084, though the Dow Jones Industrial Average declined by 99.27 points to 44,148.
Price Action: Netflix Inc’s stock price rose to $936.56, up 2.54% on Wednesday. After hours, the price remained unchanged. Year to date, the stock has surged by $468.06, marking an increase of 99.91%.
According to data from Benzinga Pro, Netflix has a consensus price target of $810.45 from 29 analysts, with a high of $1100 and a low of $550. The latest ratings from JP Morgan, Citigroup, and Canaccord Genuity suggest an average target of $956.67, implying a 2.43% upside.
Netflix’s stock has increased from $450.76 to $935.27 over the 52 weeks, with a market capitalization of $399.25 billion and a P/E ratio of 51.63. Its RSI is currently at 73.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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