Netflix won’t go down with the ship.
The streaming giant hit its record high on Tuesday, June 19, despite the market plunging after President Donald Trump announced a possible $200 billion in tariffs on China, on top of the $50 billion already enforced.
Early Tuesday morning, Netflix received multiple price target bumps from bullish analysts.
Daniel Ives, an analyst with GBH Insight, raised Netflix’s price target to $500 from $400. GBH recently ran a survey showing that more people used Netflix as their streaming service than competitors such as Amazon.com Inc. or Hulu.
Brian White, an analyst with Monness, Crespi, Hardt & Co., raised his price target to $460 from $375 and maintained a buy rating.
Michael Olson, senior research analyst at Piper Jaffray, also raised Netflix’s price target. He boosted Netflix to $420 from $367 and maintained the company’s overweight rating.
Shares of Netflix hit an all-time high of $405.16 before settling down at $404.14.
The streaming giant was up nearly 4% when the market closed on Tuesday.