Per Business Insider

Goldman Sachs is expressing its bullish estimations on Netflix, saying that the firm was raising its rating to "neutral." This came with a change in price target, raising it to $400.

Initially, Goldman Sachs placed its price targets for Netflix at just $230. Upon announcement of the news, it was noted that the streaming service's shares traded at $442.40, which was up by 0.22%.

This, however, is a price 9% lower compared to its current stock price. Goldman Sachs expresses their confidence as they note that the management of the company did a good thing through its initiatives to crackdown on passwords.

Goldman Sachs says that it believes that Netflix would report exceeding subscriber performance compared to Street expectations in its Q2 results, expected to release on July 19.

The firm also believes that Netflix could also be impacted by how competition from traditional media companies is now willing to invest heavily.

In May, it was reported that Netflix's ad-supported tier was able to reach around 5 million monthly active users in just six months. This was despite the company gaining harsh criticism from the public upon announcement.

In April, it was reported that Netflix lost over 1 million users in Spain after it started cracking down on password sharing.

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