Bernstein analyst Todd Juenger upped his price target on Netflix Inc. shares /zigman2/quotes/202353025/composite NFLX -1.60% to $487 from $423 on Wednesday, writing that the "adoption of streaming will be accelerated and further ingrained into the culture" as more people are forced to stay in their homes due to the COVID-19 pandemic. "We believe as an increasing number of people experience Netflix, at an especially high rate of usage, they will be loath to go back to life without it," he wrote. While he thinks that production halts could be the biggest risk for the company, he argued that Netflix appears better positioned than other content companies there as it has "a significant pipeline of new content still in place to be released" as well as past programming that users may not have discovered previously due to the wealth of other content available on the platform. Netflix shares are down 1.3% in Wednesday trading. The stock has risen 0.4% over the past month as the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.36% has decreased 15%.
An earlier version of this story misstated the direction of the S&P 500's move over the past month. It has been corrected.