Roku and Netflix surge after upbeat analyst reports
By Noel Randewich (Reuters) - Shares of Roku Inc surged over 11% on Wednesday after Citi initiated coverage of the streaming video company with a 'buy' rating, while Netflix Inc also rallied more than 11% and was on track for its largest one-day gain in three years.
By Noel Randewich
(Reuters) - Shares of Roku Inc surged over 11% on Wednesday after Citi initiated coverage of the streaming video company with a "buy" rating, while Netflix Inc also rallied more than 11% and was on track for its largest one-day gain in three years.
Roku and Netflix are among several technology-related companies that have benefited as a result of the coronavirus pandemic, with people around the world spending more time at home.
Citi analyst Jason Bazinet started coverage of Roku with a $180 price target, compared with Wednesday's price of about $164.
In his research note published late on Tuesday, Bazinet pointed to strong subscriber growth and increased value per subscriber, in a trend he suggested would also benefit Netflix.
Also on Tuesday, Piper Sandler analyst Yung Kim published a survey that found most U.S. Netflix subscribers were willing to accept a price increase. Kim's survey also found that more subscribers planned to keep Netflix than other video streaming services after the COVID-19 crisis subsides.
Kim rates Netflix "overweight," with a $534 price target, below Wednesday's price of around $545.
Netflix's stock was set to close with its largest one-day gain since July 2017. Netflix's shares are up more than 60% year-to-date, while Roku has gained over 20%.
(Reporting by Noel Randewich in San Francisco; Editing by Matthew Lewis)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.