Streaming video leader Netflix (NFLX) closed at a new high today, just a day before its seven-for-one stock split and two days before the company releases its second-quarter earnings.
After opening at $686.69, shares are up as much as 5% and topped $716 before closing at $707.90, up 4%. Its previous closing high was $681.19.
Helping drive shares up were several bullish analyst reports including one Monday from Goldman Sachs analyst Heath Terry, who raised the stock’s price target to $780 from $620, as reported by business news site Benzinga, and reiterated a Buy rating.
Others bullish on Netflix include investment firm Stifel, Nicolaus & Co., which recently said the company could reach a market value of $100 billion. With a current market cap of more than $42 billion, Netflix has a seven-for-one stock split Tuesday, a move to make its stock more attractive to investors.
Netflix has forecast that it would add 2.5 million new subscribers globally in the second quarter of 2015, with 600,000 of those in the U.S.
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