Stifel Upgrades Netflix After Pull-Forward Quarter Firm's Been 'Waiting For'

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As previously reported, Stifel analyst Scott Devitt upgraded Netflix to Buy from Hold with a price target of $560, up from $550.

He has "been waiting for" Netflix to have the quarter in which the pull-forward of subscribers due to the pandemic became evident, as was the case in its Q1 results, Devitt tells investors.

While he still expects a three-to-nine-month period of working through the remaining COVID comp issues, Devitt argues that shares should be accumulated on the share price weakness created by COVID comps given that he thinks Netflix "remains a compelling long-term growth story."

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