Wall Street just handed Netflix (NFLX) another potential lifeline. Veteran bank Deutsche Bank recently turned bullish on the streaming giant, upgrading Netflix stock to a “Buy” rating from a “Hold” and setting a $95 price target, down from $100. The firm also lowered its operating income and free cash flow estimates after the company’s second-quarter results.
The new price target represents about 40% potential upside from Netflix’s latest closing price, putting the upgrade in focus after a difficult year for NFLX stock. Let's take a closer look.