Key Words: This analyst says bullish Netflix sell siders are trafficking in ‘bullshit’

Michael Nathanson of MoffettNathanson offered an interesting view in a note on Netflix Inc.’s disappointing second-quarter earnings release late Wednesday:

‘To be clear, we think 10 to 15 year DCF [discounted cash flow] models are interesting, but bullshit, and used by the sell side to defend a stock that they want to champion.’

Michael Nathanson, MoffettNathanson

Netflix NFLX, -10.23% disappointed the market with far-weaker-than-expected net subscriber additions that missed the company’s own forecast by about 2 million.

The analyst describes how he and his colleagues have struggled to understand the streaming giant’s equity value, ever since it broke above $100 billion in market capitalization early in 2018 when the stock breached the $200 mark.

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