Neutral rating on Netflix after WBD bid, says Rosenblatt's Crockett

分组1: Netflix Outlook - Netflix is currently in a merger agreement to acquire Warner Brothers' streaming and studio assets, but the deal is not expected to close soon, raising questions about the company's capital allocation priorities [2][3][5] - The company has been rated neutral, with a price target of $105, as it may struggle to perform while awaiting regulatory approvals and potential bidding competition [3][5] - Concerns exist that Netflix may be overly focused on scripted content, which has been its strength, rather than exploring growth opportunities in user-generated content or ad-supported television [6][5] 分组2: Meta's Acquisition - Meta's acquisition of the AI company Manis is viewed positively, with potential for significant growth in generative AI that aligns with Meta's existing services [9][10] - The deal is compared to past successful acquisitions like Instagram and WhatsApp, suggesting it could enhance Meta's product offerings and revenue streams [9][10] - Meta has taken steps to distance itself from China, including layoffs and relocating operations, which may mitigate concerns related to the acquisition [11]