Netflix Inc (NASDAQ:NFLX) shares are trading higher Monday following an upgrade from Wedbush.
Wedbush analyst Michael Pachter upgraded Netflix from a Neutral rating to an Outperform rating, citing potential for better-than-expected second-quarter results.
Pachter believes Netflix is positioned to exceed its guidance for the second quarter given the "staggered release date for Ozark."
The Wedbush analyst notes that Netflix is making substantial changes to its business model and is just beginning to explore changes to its release strategy. The company also plans to crack down on password sharing, which could provide a boost for the stock.
See Also: Morning Brief: Top Financial Stories Dominating on Monday, May 16
NFLX Price Action: Netflix shares have traded between $162.71 and $700.98 over a 52-week period. The stock is down nearly 70% year-to-date.
According to data from Benzinga Pro, Netflix shares were up 2.42% at $192.24 at press time.
Photo: Tumisu from Pixabay.
