But Olson, who has an "overweight" rating and a $100 price target on Netflix stock, said the Verizon rumor shows there are a lot of potential acquirers out there for an asset such as Netflix.
"Anyone who wants to jumpstart their entry into online video would look at Netflix," he said.
Netflix's stock has traded turbulently since July, when the company infuriated its U.S. subscribers by announcing plans to raise prices by as much as 60 percent. It later canceled that plan when subcribers left in droves, showing the key to the company is its "domestic subscriber base, and I think that will stabilize," Olson said.
Maybe not in the fourth quarter, which he said will be at third-quarter subscriber levels, but "over the next year."
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Michael Olson does not own Netflix shares, but Piper Jaffray makes a market in Netflix stock.