Shares of Disney rose 4.5% Friday, closing to a 38-day high of $106.63, as investors were encouraged by new federal guidelines setting a timetable for when large venues — including theaters a…
dropped 3.7% on Friday after analysts suggested enthusiasm for the stock was excessive; that gave Netflix a current market cap of $185.6 billion. The decline reversed a four-day rally that kicked the streamer’s share price to record highs.setting benchmarks that states or regions would have to satisfy before they could start to ease social-distancing measures.
Meanwhile, the pullback on Netflix’s shares came after Benchmark Co. senior equity analyst Matthew Harrigan initiated coverage of the stock Friday with a “sell” rating, citing its current valuation as well as risks like looming competition from WarnerMedia’s HBO Max and NBCUniversal’s Peacock streaming services.
In the same vein, Wedbush Securities’ Michael Pachter wrote in a research note Friday that Netflix’s gains related to COVID-19 “appear more than priced in” at current share prices. The analyst, who rates the stock “underperform,” projects global net paid ads of 7.0 million for the first quarter of 2020.
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