Shares of Netflix are up 37 percent year to date at about $472, but with the stock trading at 50 times earnings before certain expenses, investors should be patient, Peck said.
"We love the story. We love the opportunity. We love the underlying trends. We would just look for a better entry point here to get into the stock," he said in a "Squawk on the Street" interview.
A blowout fourth-quarter earnings report showed that the company's efforts to expand its user base abroad was panning out, especially after disappointing subscriber numbers in the previous quarter sent the stock spiraling.
However, Peck warned that another shock is not out of the question as Netflix invests overseas.
"Any time you roll out in new markets there could be little hiccups or bumps along the way. I think that's what spooked people in the third quarter," he said. "But the fourth quarter you saw them beat both on the domestic side as well as the international side. It seems that the content is really resonating with consumers."
Content is where Netflix's value proposition lies, said Peck, who pointed to the strength of programming like "House of Cards" and "Orange is the New Black." He also noted that Netflix is extending the scope of its movie production with offerings such as a sequel to the 2000 martial arts epic "Crouching Tiger, Hidden Dragon."
Netflix plans to spend about $3 billion on content, compared with Amazon's $1.5 billion investment, he said.
SunTrust Robinson Humphrey is seeing signs that Netflix does not necessarily lose out when Amazon and HBO sign up new customers. Peck said there is growing evidence these customers are buying into multiple streaming services in order to replace or supplement cable packages.
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"As far as time spent watching cable directly, traditionally, you're going to see more of that time bleed into Netflix and Amazon," he said.
Disclosure: Neither the analyst nor his family owns shares of Netflix. His firm does not hold greater than a 1 percent stake in the stock. It does provide investment banking services to Netflix.