Gracell October 10th | Morgan Stanley raised Netflix's target price from $780 to $820, maintaining an "overweight" rating, pointing out its advantage in the post-Hollywood strike situation. The firm noted that the intensity of content competition has decreased, making media companies more willing to re-license their content, creating opportunities for Netflix. Netflix sees the opportunity to optimize its content sector by selectively acquiring sports rights. In addition, Netflix has expanded the scale of its global production business, decentralizing decision-making, allowing it to produce a large amount of content globally. The company's disclosed content expenses indicate that the relationship between licensed content and original production content has become increasingly balanced in the past 1-2 years. Morgan Stanley predicts that Netflix's advertising revenue will increase from $1 billion in 2024 to $4 billion in 2028.