Netflix (NFLX) is expected to demonstrate resilience in a weaker global macro backdrop, with recent pullback seen as a buying opportunity, Morgan Stanley said in report on Tuesday.
"A more defensive lens to our M&E coverage leaves us incrementally bullish on Netflix, our new Top Pick," the report said. M&E refers to media and entertainment industry.
"Momentum in its core subscription business combined with recent USD weakness should de-risk '25 estimates - even in a softer ad market," the note said.
Morgan Stanley said the most recent engagement report reinforced its bullish view as Netflix leverages originals, licensed content, and its global studio to drive member value.
Morgan Stanley reiterated its overweight rating and price target of $1,150 apiece.
Price: 905.67, Change: +37.84, Percent Change: +4.36
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