Morgan Stanley named Netflix (NFLX) as new “Top Pick” in media and entertainment, displacing Disney (DIS), as applying “a more defensive lens to our M&E coverage leaves us incrementally bullish on Netflix.” The analyst expects Netflix to demonstrate relative resilience in a weaker global macro backdrop, arguing that momentum in its core subscription business, combined with recent U.S. dollar weakness, should de-risk FY25 estimates, even in a softer ad market. The firm has an Overweight rating and $1,150 price target on Netflix shares.
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