Netflix, Amazon and Nvidia get Street-high targets on Covid-19 lift

Netflix, Amazon.com and Nvidia, whose chips are used in cloud computing and gaming, are all viewed as being well-positioned with the coronavirus accelerating long-term growth trends as more consumers shop online and stay at home for entertainment.[NEW YORK] A trio of companies that have been favourite plays throughout the pandemic all received Street-high price targets from analysts on Friday, a sign that some on Wall Street see further upside after pronounced rallies.

Netflix, Amazon.com and Nvidia, whose chips are used in cloud computing and gaming, are all viewed as being well-positioned with the coronavirus accelerating long-term growth trends as more consumers shop online and stay at home for entertainment. All three stocks are up at least 65 per cent thus far this year; Nvidia has risen almost 80 per cent. The S&P 500 is in slightly negative territory for the year.

Goldman Sachs lifted its Netflix target to US$670 from US$540, contributing to an 8.6 per cent gain in Friday's session. The firm wrote that the pandemic was"accelerating the shift" to streaming content, away from traditional TV, and that the company's content library and distribution would"serve to steepen Netflix's growth curve both in the immediate and long term.

The comments come ahead of the July 16 release of Netflix's second-quarter results, and at a time when analysts have been growing more cautious about the company's valuation. Currently, the average price target on Netflix shares stands near US$462, implying downside of 16 per cent from current levels.

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