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Credit Suisse analyst Douglas Mitchelson upgraded Netflix (NFLX) to Outperform from Neutral with an unchanged price target of $586.

The analyst expects Netflix's subscriber growth to "normalize" in Q4 and his U.S. consumer survey reinforced its "strong competitive position" and high user satisfaction. He expects a stronger full-year content slate in 2022 relative to 2021 and sees a favorable risk/reward at current share levels.

An early 2021 consumer survey showed Netflix "has a moat," Mitchelson tells investors in a research note.