Netflix (NFLX) upgraded; relief from Blockbuster (BBI) in sight

From The Internet Stock Blog, a Seeking Alpha Financial Blog site [copied with permission]:

Netflix's stock (ticker: NFLX) has benefited from the perception that that Blockbuster may pull out of the online DVD rental market, sparked by Carl Icahn's election to Blockbuster's Board. Reaction from Pacific Growth Research analyst Derek Brown's May 9th note to clients:

Raising Rating To Over Weight From Equal Weight; We See A Stock With "Blockbuster" Potential

We are raising our rating to Over Weight from Equal Weight. 
As most investors realize, Netflix has been under  intense competitive
pressure for the past 3–4 quarters and has seen its profit profile and
stock price reduced accordingly. At this point, however, we believe
that most of the real and perceived risk around Netflix has been
digested by the Street  and priced into the Company’s stock.  Moreover,
marketplace data suggests to us that: (i) Netflix’s franchise is very
much  intact; and, (ii) the online DVD rental market may be larger than
previously expected; and, (iii) the worst of the  competitive “storm