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Stifel upgrades Netflix amid stock plunge, sees buying opportunity for a ‘blue-chip’ tech company

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The Netflix logo is shown in this illustration photograph in Encinitas, California.

Mike Blake | Reuters

The first-quarter stumble for Netflix has created an opportunity for investors to add positions in one of the best consumer technology stocks around, investment firm Stifel said in a note to clients.

Netflix beat projections for its earnings per share and revenue, but its subscriber additions of 3.98 million were more than 2 million below what Wall Street was looking for, sending shares down as much as 11% in extended trading.

However, Stifel upgraded the stock to buy from neutral, saying that Netflix was due to have a rough subscriber quarter but the long-term trajectory remains intact.

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