Netflix upgraded by analyst; stock up
Netflix Inc. advanced to the highest price in more than two months after Morgan Stanley upgraded the stock, saying competition from Amazon.com Inc.'s Prime Instant service is “overblown.”
Netflix gained 10 percent during the day on Monday, reaching its highest price since July 24. Scott Devitt, a New York analyst for Morgan Stanley, upgraded the stock to the equivalent of a buy.
Because Amazon.com also uses its Prime Instant Video to promote rentals and purchases, it's unlikely the online retailer will offer a standalone product that competes directly with Netflix, Devitt said.
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