Netflix jumped 1% and record high in early trading

(Sept 8) Netflix jumped 1% and record high in early trading.

J.P. Morgan on Wednesday raised its price target on Netflix's stock to $705 a share from $625 due to what brokerage believes will be a strong second half of the year for the streaming TV kingpin.

The firm highlights Netflix's strong content slate for the end of the year, stronger seasonality and the "greater distance from pandemic pull-forward." The streaming service also has a "significant" global opportunity with relatively low penetration rates.

The tailwinds are helping the company's user numbers improve from second-quarter levels, says J.P. Morgan, which also maintained its overweight rating on Netflix's shares.

It was the second time in two days that Wall Street analysts threw their weight behind Netflix's stock market potential. On Tuesday,Atlantic Equities analyst Hamilton Faber raised his price target on Netflix's sharesto $780 each from $690 due to the potential for strong subscriber growth overseas, and revenue gains in the United States.

Yesterday, Netflix rival Hulu(NYSE:DIS) announced a price increase for its subscription plans.