One investor says there's still room for Netflix to grow, despite the stock's current price tag.
Angel investor Jason Calacanis told CNBC's "Squawk Alley" that the streaming service's deal with Comcast may have been a "white flag" for the cable giant. He said that this is a good sign for Netflix, in spite of concerns that "we've reached peak television with the number of shows growing beyond what the base can actually consume."
Calacanis explained that cable companies live in fear of customers cutting the cord and creating their own bundles out of video-on-demand services such as Apple TV, Hulu and Netflix.
"Comcast is just very scared, scared to death that people are going to those other options more often," he said.
The Comcast deal is a "very big development," according to Tuna Amobi, senior media and entertainment equity analyst at S&P Global Market Intelligence. He told "Squawk Alley" that the agreement will help Netflix "grab some of the low-hanging fruit and be able to mitigate the potential decline in a domestic subscriber base."
Jefferies cited the weakness in U.S. subscriber growth as a reason for downgrading the stock from "hold" to "underperform" in a Wednesday note to clients.