Ahead of quarterly results, Wells Fargo says Netflix (NFLX) could beat on Q4 subs, but upward 2025 revisions could be constrained by the stronger USD plus investing in the ad strategy. The stock has rerated to 35-turns price to earnings on sports/live, Wells adds. The firm likes the long term, but is less favorable on the setup. Wells has an Overweight rating on the shares with a price target of $797.
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