Shares of Netflix, Inc. (NFLX) have been remarkable so far in 2018.
Netflix stock is up almost 100% over the past 12 months and is currently boasting about 50% gains for 2018 alone. The stock came within a stone's throw of extending its all-time highs on Tuesday, erasing all of the losses it suffered during the recent market correction.
Investors may be torn on Netflix, though. Is this the all clear and is it time to buy or did buyers miss their chance to get long?
According to the analysts at Piper Jaffray, we've still got time. On Wednesday, analyst Michael Olsen bumped his price target to $319 from $281 and maintained his overweight rating on the stock.
Shares of Netflix almost made new highs on the day, before pulling back and closing up just 0.89% at $281.04.
The analyst and his team recently surveyed users across seven international markets to see how they would react to a 20% price increase from Netflix. Compared to the last time the team did this survey, they found a 15% decrease in those who would cancel the service.
Olsen says this is likely due to the improving content library.
Ultimately, this could improve the company's earnings per share results should it continue raising prices. For now, though, he sees more upside in Netflix stock, which carries an average price target of about $270 on Wall Street.
Two analysts still hold higher prices for it, with MKM's Rob Sanderson sporting a $320 target and BTIG's Rich Greenfield holding a $330 price target.
Speaking of Sanderson, he raised his price target on Amazon.com, Inc. (AMZN) to $1,750 from $1,350 on Wednesday as well. Shares were up big in response, briefly topping $1,500 for the first time. However, the overall market pulled back Wednesday and weighed Amazon stock down too. Shares finished higher by 0.99% at $1,482.92.