Netflix initiated with a Buy at Seaport Research

Seaport Research initiated coverage of Netflix with a Buy rating and $482 price target. The firm is initiating coverage of the “core” Media industry names, or those with owned IP, studios and/or streaming services, arguing that these “content” stocks have “possibly seen the worst of investors’ fears.” The firm, which adds that the group “may see some consolidation among the players,” is broadly positive given its view that the group is at historically low valuations, has been under significant pressure for some time, and the current risk-off market environment “can provide compelling risk-reward opportunities.”