Netflix, Inc. NFLX shares are moving Wednesday. Goldman Sachs upgraded the stock and raised the price target.
What To Know: Goldman Sachs analyst Eric Sheridan upgraded Netflix from Sell to Neutral and raised the price target from $230 to $400.
While the analyst noted optimistic operating performance and momentum heading into the next two years, he also drew attention to the fact that global competition in the streaming industry was a hinderance for the company.
The upgrade comes fourteen days before the company reports second quarter earnings on July 19.
Earnings per share are estimated to come in at $2.83 and revenue is estimated at $8.26 billion, according to data from Benzinga Pro.
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NFLX Price Action: Shares of NFLX were up 0.75% at $444.74 at the time of publication, according to Benzinga Pro.
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