Netflix's Growth Potential and Market Position Justify Buy Rating Amid Strong Market TrendsWe maintain our Outperform and raise our PT from $1,150 to $1,350 in the wake of our detailed U.S. and UK survey work and a one-year forwarding of our valuation framework. Consistent with our HQ (High Quality) framework, we see Netflix facing a very large TAM ($650B+ global entertainment revenue, ex China & Russia) of which it still accounts for <10% share, with a rock-solid proven management team, with an extremely strong and growing value proposition (which supports ongoing pricing power), and an excellent track record of innovation (in terms of features, content, genres, UI, etc…). Netflix’s business model has been inflecting up in terms of Operating Margins and FCF generation, allowing share repos and eventually a dividend.