One of the most stubborn (by his own admission) Netflix bears, Wedbush Securities analyst Michael Pachter, has issued a landmark upgrade on the streaming giant’s stock. While he still doesn&#…
While he still doesn’t consider it a clear “buy,” Pachter raised his rating to “neutral” from “underperform,” with a 12-month price target of $342. Amid widespread gains today for many stocks, Netflix shares were up 4% in early trading, at $356.71.
For more than a decade, Pachter had recommended that clients sell Netflix shares, costing them a roughly 1,700% return over that span. In an article in Bloomberg last year, the analyst gamely conceded the inaccuracy of his call in November 2011 urging investors to dump the stock, which he predicted would fall to $6. “I never thought they’d get to 200 million subscribers,” he told the news outlet. “I thought they were close to saturated in the U.S. … They just keep adding people.
“We think that slowing subscriber growth reflects a flaw in Netflix’s business model,” Pachter wrote. “Prior to its success with original content, Netflix subscribers were offered full seasons of television series that had already appeared on broadcast networks.
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