Netflix's monetization efforts make it an attractive stock despite slowing subscriber growth, Bank of America said Tuesday.
Analyst Jessica Reif Ehrlich took over coverage of the stock and double upgraded it to buy from underperform. Ehrlich also has a price target of $370 on Netflix, implying upside of 23.6% from Monday's close.
"In our view, the company's global scale, strong brand, and superior user experience position it to remain a leader as this transition continues to transpire globally," she said in a note to clients. "Despite slower sub growth, we believe efforts to improve monetization via a value-oriented ad tier and significant conversion of password sharers has the potential to drive operating/financial upside." — CNBC's Michael Bloom contributed to this report.
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