As the broader markets flirt with record highs, there are pockets of stretched valuations in stocks.

That's the assessment of John Eade, president of Argus Research. 

FANG stock Netflix (NFLX) has a P/E ratio over 200. FANG is an acronym that also includes Facebook (FB) , Amazon (AMZN) and Google/Alphabet (GOOGL) .

Plus, Argus just raised its price target on Nvidia (NVDA) , a stock at the center of a host of hot trends from E-Sports and artificial intelligence.

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