By Christiana Sciaudone
Investing.com -- Tech is finally taking time off its seemingly unstoppable rise, except for Netflix (NASDAQ:NFLX). The streaming entertainment service is up 2.6% on Friday, to about $520, thanks to a price target boost from Goldman Sachs (NYSE:GS).
Goldman increased its price target to $670, a market high, versus its previous target of $540, CNBC reported citing the analyst note. NFLX could jump by more than 30% over the next year, and should expect another large number of subscribers in the second quarter when it reports next week, even after a big jump in numbers in the first quarter.
Goldman forecast a net addition of at least 12.5 million subscribers. In the first quarter, the company added 15.77 million net subscribers.
“While the thesis ‘if you haven’t subscribed by now, you never will’ is an easy rhetorical, it fails to capture the reality of Netflix’s earlier stage markets and a dramatically changing world that is pushing changes into every corner of consumer behavior,” the note said.
Shares of Netflix are up almost 60% in 2020. The company has 22 buy ratings, nine holds and four sells, with an average price target of $481.87, according to data compiled by Investing.com.