Netflix stocks have reached a new all-time high of nearly $500 per share.
Last week, Netflix stocks hit an all-time high of $499.50.Imperial Capital analyst David Miller cut his rating on the stock of Netflix from “outperform” to “neutral,” according to The Hollywood Reporter.
Miller also sees the rise in value was created due to COVID-19, allowing the stock to go much higher faster than it would have done otherwise. In addition to the impact of COVID-19, Netflix didn’t see any negative effects that other companies with physical assets like theme parks, retail stores, movie theaters and more have.
“Thus far, for 2020, Netflix’s shares have risen 50.2 percent, versus the S&P 500, which is down 3.3 percent,” says Miller. “In the last 18 months, shares of Netflix are up 81.6 percent versus the S&P 500, which is up 26.1 percent. This is one of a very few names in S&P 500 which, for the most part, is impervious to any economic effects of COVID-19, as the price points for each service iteration are mostly recession-resistant and consumption of content is not communal.”