...- Netflix Inc.'s strong 2020 operating performance, with help from accelerating secular trends for streaming video services during the pandemic, beat our expectations for subscriber growth, margin improvement, and free cash flow generation. We expect the company to maintain strong operating metrics for the next few years and generate sustained free operating cash flow (FOCF) potentially in 2021. - We now forecast Netflix will be no worse than break-even FOCF in 2021 despite significantly increasing content spending as content production returns to normal levels. - We are raising our ratings on Netflix to '##+' from '##' the outlook is positive. - The positive outlook reflects our expectations that Netflix could generate moderately positive FOCF in 2021 and continue growing its FOCF significantly going forward. Despite a return to normal production levels and increased competition from emerging SVOD services, we expect Netflix will maintain its disciplined cash content spending trajectory...
