The shares of streaming service giant Netflix closed at an all-time high of $897.79 per share on Friday. This marked the stock’s fifth straight day of record close but analysts believe this is just the beginning.
Netflix stock started its rally on Monday with a $847.05 close and continued to grow from there. It also briefly broke the $900 per share mark during the surge, reaching $908.00, its record intra-day price, on Thursday before coming down slightly.
According to analysts, Netflix stock might not be finished with its rally, with several of them pricing it at $1,000 per share in the future. Bank of America analysts raised their price target from $800 to $1,000, while Pivotal Research analyst Jeff Wlodarczak was even more bullish with a $1,100 price target.
“The NFLX service remains a highly compelling, frankly relatively inexpensive, entertainment alternative for consumers, which bodes well for future subscriber/average revenue per user growth,” Wlodarczak wrote in a note sent to clients.
Netflix stock, which is currently 91.63% up year-to-date, benefited from better-than-expected earnings results in recent quarters as well as the streamer’s venture into live events, particularly in sports. The recent rally actually coincided with a boxing match between former heavyweight champion Mike Tyson and YouTuber-turned-boxer Jake Paul that was exclusively streamed on Netflix.