小摩：奈飞手握“史上最强内容周期”但估值已高 维持“中性”评级

Group 1 - The core viewpoint of the report is that Netflix maintains a "neutral" rating with a target price of $1,220, supported by its strong content library and advertising growth potential [1] - The report emphasizes that while Netflix has long-term advantages, the short-term stock price reflects optimistic expectations, necessitating attention to content performance and monetization progress in the second half of the year [1]