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No reason for Apple to buy Netflix, Bernstein says

The Netflix app is demonstrated on an Apple iPad mini in Tiskilwa, Illinois.
Daniel Acker | Bloomberg | Getty Images

Bernstein told investors it doesn't make sense for Apple to acquire Netflix due to strategic fit and valuation.

"We think buying Netflix to run exclusively on iOS and Apple TV is not a value-creating thesis and could not possibly justify a $50B price tag," analyst Toni Sacconaghi wrote in a note to clients Wednesday.

"Overall, we do not see a compelling rationale for Apple to acquire Netflix, and believe Apple will more likely partner or compete with Netflix than acquire it."