With streaming entertainment giants Netflix and Spotify Technology trading in record-high territory, Wall Street analysts are having to adjust their stock price targets to keep up.
CFRA Research analyst Kenneth Leon late Thursday reiterated his strong buy rating on Netflix stock and raised his price target to 1,485 from 1,400.
On the stock market today, Netflix stock rose 1.3% to close at 1,323.12. Earlier in the session, it notched a record high of 1,331.34.
Netflix's better-than-expected first-quarter results confirm the internet television network's "unique competitive position" in the video market, Leon said in a client note.
Last week, Netflix stock scored price-target hikes from Pivotal Research and Wells Fargo.
On Friday, streaming music leader Spotify earned a price-target increase from UBS analyst Batya Levi. She maintained her buy rating on Spotify stock and raised her price target to 895 from 680.
Spotify stock dipped 0.4% to close at 772.60 on Friday. Earlier in the day, it hit an all-time high of 785.
Levi sees a number of catalysts for Spotify. They include the expansion of audiobooks into new markets, advertising growth and the creation of new service tiers.
Netflix Stock Is On Two IBD Lists
On Thursday, BofA Securities raised its price target on Spotify stock to 900 from 700 and kept its buy rating. The firm believes Spotify is at an inflection point in profitability and free cash flow.
On Wednesday, Guggenheim Securities reiterated its buy rating on Spotify stock and upped its 12-month price target to 840 from 725.
Spotify stock is on the IBD Tech Leaders list. Netflix stock is on the IBD 50 and Leaderboard lists.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
