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Netflix shares are not undervalued despite the current correction
If the price falls below $450 support, the next target could be around $400
The U.S. reported this Wednesday that consumer prices rose sharply in April and drove the rate of inflation to the highest level in nearly 13 years. The U.S. stock market remains under pressure, the Nasdaq Composite (COMP) has weakened by more than 2%, and this situation also negatively influences Netflix shares.
Fundamental analysis: Netflix shares are not undervalued despite the current correction
Netflix shares have weakened from $539 below $480 since the beginning of January 2021, and the current price stands around $485. The U.S. reported that inflation rose to the highest level in nearly 13 years and investors continue to sell stocks amid concerns about the rising inflation.
Wall Street s major averages fell on Wednesday after stronger-than-expected inflation data stoked fears of tighter monetary policy to combat a possibly longer period of inflation. The Labor Department s data showed U.S. consumer prices increased by the most in nearly 12 years in April as booming demand amid a reopening economy pushed against supply constraints. Excluding the volatile food and energy components, it soared 0.9%, the largest gain since April 1982. U.S. money markets moved fully to price in a 25 basis point interest rate hike by December 2022 after the data. There is uncertainty over how long inflation is going to exist within the current economic recovery because we can see increases in housing prices, commodities around the world and increase in demand for goods and services, Brian Vendig, president, MJP Wealth Advisors in Westport, Connecticut.