Netflix (NFLX) has no exposure to US tariffs and faces limited consumer risk from potential US or global recession, Oppenheimer said in a Monday note.
"No tariff exposure, limited consumer risk," the note said, adding that Netflix remains "the cleanest story" in its coverage.
Oppenheimer analysts, including Jason Helfstein, said consumer value of TV increases during recessions, pointing to increased TV time in 2008 and 2009 in the US.
Netflix could still be exposed to macro weakness that could lead to higher churn, weaker gross adds or cheaper plans, but overall risk is limited, they said.
In addition, consumers have digested the price rises in the US and Canada imposed by Netflix earlier this year, the report said.
Oppenheimer reiterated its outperform rating, with a $1,150 price target.
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