Business

Market movers

Netflix stock rises

“Momentum” stocks like Netflix lifted the Nasdaq, despite concerns about overvaluation.

AP File

“Momentum” stocks like Netflix lifted the Nasdaq, despite concerns about overvaluation.

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Netflix Inc. rallied after Morgan Stanley upgraded the video-streaming service to “overweight” and set a $500 price target. “So while contrarian traders might be turned off by Netflix’s price strength over the past month,” the Motley Fool said, Morgan Stanley’s call “could reflect a sense . . . its long-term growth prospects give the stock plenty of room to run.” In Netflix’s favor are “the ubiquity of broadband” and a “proliferation of connected devices,” Morgan Stanley said. The stock is up 21 percent this year after soaring 298 percent in 2013.

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