Withstanding the pull of a falling market, Netflix’s stock surged to a new historic closing high of $404.98 Tuesday after multiple analysts had raised their price targets for the company. The company’s closing stock price roughly doubled since the beginning of the year.
Shares of the company had begun the day at $389.50, and surged past the $400 mark later in the morning. At one point, shares reached a high of $405.25. Netflix’s shares gained 3.73%, or $14.58, Tuesday.
Netflix’s new share price puts the company’s market cap valuation at $176.87 billion. Disney was valued $160.79 billion by the markets Tuesday, and Comcast’s market cap was at $157.00 billion.
Tuesday’s rally came after analysts from PiperJaffray, GBH Insights and Monness, Crespi, Hardt & Co. all raised their price targets for the company’s shares. Most bullish among the three companies was GBH Insights with a target of $500, followed by Monness, Crespi, Hardt & Co. with $460.
PiperJaffray raised its target from $367 to $420, with the company’s analyst Michael Olson telling investors that the company was highly likely to deliver strong Q2 results. “Netflix is the leader in a category that contains massive multiyear growth potential,” Olson wrote in a note to investors.