Netflix Inc. (NASDAQ:NFLX) rose 5.4 percent to close at $257.26 on Friday, its highest level since August 3, 2011. Barclays Plc increased its price target for Netflix shares on the news along with its expectations for strong consumer growth, Bloomberg reports. Netflix is currently the top performer in the Standard & Poor’s 500 Index in 2013 after the price has more than doubled.
The subscription-based video-streaming service has continued to see wild success as it begins its foray into original programming. New original shows such as House of Cards, Arrested Development, and Orange is the New Black are likely contributing to added consumer interest as Anthony DiClemente, an analyst at Barclays in New York, said that Netflix may report second-quarter results showing growth in new viewers.
DiClemente says that Netflix is also likely benefitting from increased activity on mobile devices — an area with strong growth potential. Shares of Netflix are currently rated as the equivalent of hold while he raised his price target for shares from $220 to $250.