BTIG's Richard Greenfield, bane of Facebook and Pandora bulls, has started coverage on Netflix...

|By:, SA News Editor

BTIG's Richard Greenfield, bane of Facebook and Pandora bulls, has started coverage on Netflix (NFLX +2.6%) with a Buy and $250 PT. Greenfield expects Netflix's value proposition and original content to "drive better than expected subscriber growth and moderate churn." He also declares Netflix's content expenses to be "sufficiently high," leading to operating leverage for future revenue growth. Wouldn't it have been better to make this thesis 3 months ago? (Goldman) (Evercore)