With earnings season gearing up, some of CNBC's "Fast Money" traders turned their focus to Internet stocks, including Netflix, which reports next Wednesday.
Shares of the streaming giant Netflix rallied on Friday after Citigroup upgraded the stock, citing its content lineup and global growth as catalysts. "Fast Money" trader Guy Adami said he's long Netflix.
"Now I believe that $440 is your pivot. It obviously exploded through that today… I think it is ready for the next leg higher," Adami said. "I think you have a very well defined risk, reward trade."
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When it comes to trading the media stock, he says investors should "stay long against $440."
"Fast Money" trader Steve Grasso said he thinks the stock is ultimately heading to $500 a share, although he sees it facing resistance around $486.
"Content is king...people are viewing things in a total different manner," Grasso said. "I think you're going to see another price increase that's going to help. People might be negative on it originally."