UPDATE: Morgan Stanley Upgrades Netflix to Overweight; Amazon Not a Threat

Morgan Stanley raised its rating on Netflix

from Equal-weight to Overweight and established an $85 price target. Morgan Stanley commented, "Our upgrade is based on our view that Amazon.com is not a direct threat to Netflix's US business. We believe the primary driver of content revaluation was Netflix's own success. Netflix is poised to leverage its domestic cost structure and potentially become the global video platform." Netflix closed at $66.56 on Friday.