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Buy Netflix on millennial growth: William Blair

Netflix on a laptop screen
Jonathan Nackstrand | Getty Images

Investors should buy Netflix on the prospect of a surge in millennial subscribers in the next few years, according to William Blair, which upgraded the shares of the streaming video company to outperform from market perform.

"Netflix has a longer domestic subscriber runway to fuel international expansion than the bears appreciate," analyst Ralph Schackart wrote in a note to clients Wednesday.

"We believe Netflix's original content will only gain steam and further differentiate its service."