Netflix upgraded to Buy from Sell on strong original content at BofA/Merrill
As previously reported, BofA/Merrill upgraded Netflix two notches to Buy from Underperform with a $722 price target, up from $350. Netflix's growing portfolio of "AAA" original content gives the firm increased confidence in long-term subscriber growth and earning potential. BofA/Merrill said strong original content has attracted new and returning subscribers, lowered churn, and will extend the U.S. saturation point and fuel an "enormous" international opportunity
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