On Monday, Wall Street investors decided that the clear winner from last weekend’s iPad launch was…Netflix. And they’ve been buying CEO Reed Hastings’s stock ever since, pushing it up nearly $10.
Perhaps it’s time to rethink that one, argues Barclays Capital’s Douglas Anmuth. The analyst has downgraded Netflix (NFLX) for primarily technical reasons, but along the way, he makes a good point about the company’s well-received app for Apple’s (AAPL) new gadget: It’s pretty awesome, but it may not generate many subscriptions for the movie rental service.
Why? Because Anmuth thinks just about everyone who has an iPad already has a Netflix subscription.
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