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Netflix’s stock is currently trading at 283.02-higher by 0.03% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.18%. The stock has pared some of its earlier gains after the opening bell.
Investment bank Raymond James lowered its price target on the media-services provider’s stocks to $415 from $450. The investment bank, however, reiterated a strong buy rating on stocks of Netflix. Raymond James cuts the price target of the company citing a lower subscription outlook and noise from competitor launches.
The investment bank also lowered it’s third and fourth-quarter revenue and EPS estimates by 1%. Raymond James sees stocks of Netflix to recover in November as investors get more comfortable with competition. Netflix’s stocks rose 4.8% on Friday amid a broad-market rally. Stocks of the media-services company have fallen around 24% over the past three months through Friday.
On the technical front, the RSI is currently at 53.47% and suggests that the market can continue trading sideways. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 13% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 282.20 TAKE PROFIT AT 285.00 STOP LOSS AT 280.80