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Some Netflix, Inc. (NASDAQ:NFLX) bears point out that the streaming video platform's competitive edge can't be sustained indefinitely — but this thinking may be wrong, according to Wall Street's newest bull analyst.
The Analyst
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Barclays' Kannan Venkateshwar initiated coverage of Netflix's stock with an Overweight rating and $245 price target.
The Thesis
One of the most "impressive" aspects of Netflix's history is the company's ability to recognize the competitive landscape and adapt accordingly, Venkateshwar said in the initiation note. (See the analyst's track record here.)
"Netflix's success over the last 15 years has been because of its willingness to actively disrupt its own successful business model at different phases of its life cycle," Venkateshwar said.
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For example, Netflix had been working and planning for nearly a decade on launching a hardware device for consumers to download content with, but within weeks of the planned launch, CEO Reed Hastings scrapped the idea, the analyst said. The executive had a "hunch" that a hardware strategy would limit its ability to distribute content through competing interfaces, like Apple TV, according to Barclays.
"Given the management team's demonstrated success so far in predicting future consumption trends and continued strategic flexibility, we believe the company is well-positioned to take on competitive challenges," the analyst said. "In our opinion, what works in Netflix's favor is clarity of vision, which in our opinion is lacking in most of the companies trying to take on Netflix at present, including companies like Apple."
Price Action
Shares of Netflix were trading higher by 1.23 percent Friday morning at $219.86, above the stock's all-time high of $217.75.
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Photo courtesy of Netflix.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.