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Tech stocks bore the brunt of this week's killer two-day sell off which shocked global markets across asset classes. As the tech-heavy Nasdaq Composite Index fell into correction territory, sparked by a 10% declined or more off recent highs, some Street bulls began to recommend buying on the dip. On-demand video streaming giant Netflix Inc. (NFLX) was highlighted as an example of an oversold stock in the once red-hot tech space, with one Street bull forecasting a quick turnaround for the beaten-down stock, as outlined by CNBC.
(See also: Bitcoin Dives In Global Selloff.)
Buy High-Quality, Recurring Revenue Franchise
Shares of the Los Gatos, Calif.-based entertainment giant, Netflix, crashed nearly 12% over the five day period through Thursday, adding to earlier losses and bringing its three-month performance to negative 22.4%, compared to a 2.5% loss for the S&P 500.
In light of the recent weakness, analysts at Citigroup upgraded Netflix to buy from hold, while maintaining their price forecast at $375, implying a near 17% upside from Thursday close.
"We view the recent sell-off as an opportunity to own a high-quality, recurring revenue franchise with attractive upside potential," wrote Citi analyst Kevin Toomey.
While the Street is expecting Netflix to post net subscriber additions of 700,000 domestically and 4.75 million internationally in Q3, Citi is forecasting for upside to the current consensus estimate. Toomey expects management to guide for 1.65 million and 5.75 net additions, respectively.
The bull is forecasting a 27% jump in total revenue for Netflix in 2019, compared to the Street's estimate at 24%. Meanwhile, he expects 2019 earnings per share (EPS) to nearly double to $5.69, against the consensus at $4.35.
Netflix shares have jumped about 4.5% on the upbeat note from Citi on Friday morning, coinciding with a major comeback in which all FAANG stocks have rallied at least 2%. Trading at $335.65, Netflix has returned nearly 75% for shareholders year-to-date (YTD) compared to the S&P 500's 3.5% gain and the Nasdaq's 8.2% increase.
Read more: Netflix: Citi Says Buy on the Dip | Investopedia https://www.investopedia.com/news/netflix-citi-says-buy-dip/#ixzz5TxaiRLzf
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