Morgan Stanley: Netflix holds the "strongest content cycle in history" but its valuation is already high, maintaining a "neutral" rating.

J.P. Morgan released a research report, maintaining a "neutral" rating on Netflix with a target price of $1220. The report pointed out that Netflix maintains long-term advantages with its strong content library and advertising growth potential, but the short-term stock price has already reflected optimistic expectations. It is necessary to pay attention to the performance of content and monetization progress in the second half of the year.