Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
Publications
Publications
  • February 2023
  • Teaching Note
  • HBS Case Collection

Bear to Bull? An Analyst’s Journey with Netflix

By: Aiyesha Dey and Joseph Pacelli
  • Format:Print
  • | Language:English
  • | Pages:14
ShareBar

Abstract

Teaching Note for HBS Case No. 123-001. Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber and share price growth. In 2022, however, Pachter raised his rating – twice. The case explores the sell-side equity analyst industry, Netflix from the perspective of an equity analyst, Pachter’s “bear” thinking through the years, and his logic in becoming a “bull.”

Keywords

Equity; Analysis; Stock Shares

Citation

Dey, Aiyesha, and Joseph Pacelli. "Bear to Bull? An Analyst’s Journey with Netflix." Harvard Business School Teaching Note 123-072, February 2023.
  • Purchase

About The Authors

Aiyesha Dey

Accounting and Management
→More Publications

Joseph Pacelli

Accounting and Management
→More Publications

More from the Authors

    • April 2025
    • Faculty Research

    Japan Industrial Partners Powers the Leveraged Buyout of Toshiba

    By: Brian K. Baik, Joseph Pacelli and James Barnett
    • March 2025 (Revised April 2025)
    • Faculty Research

    WallStreetBets: Democratizing Retail Investing

    By: Joseph Pacelli and Alexis Lefort
    • March 2025
    • Faculty Research

    Forecasting at CAVA Group Inc.

    By: Joseph Pacelli
More from the Authors
  • Japan Industrial Partners Powers the Leveraged Buyout of Toshiba By: Brian K. Baik, Joseph Pacelli and James Barnett
  • WallStreetBets: Democratizing Retail Investing By: Joseph Pacelli and Alexis Lefort
  • Forecasting at CAVA Group Inc. By: Joseph Pacelli
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College.