"Netflix and chill" might be drying up in the U.S., but that doesn't mean investors should give up on Netflix stock.

As the video streamer has struggled to release creative hits that drive viewer engagement this year, shares have suffered. Netflix stock has fallen 26% this year and has declined 36% since closing at a recent high of $107.79 on April 16.

Deutsche Bank believes the share price decline now offers investors an attractive entry point. The firm upgraded Netflix stock to Buy from Hold but lowered its price target to $95 from $100.

Netflix stock rose 1.1% to $69.97 in premarket trading on Tuesday after ending Monday down 2.7%.

Deutsche Bank broadly believes the stock market's "obsession" with U.S. engagement on Netflix overlooks the company's larger total addressable market and "healthier" international trends.

The firm noted that international engagement time on Netflix has steadily increased and that this year's softness in U.S. "could simply be driven by less creative success."

None of that takes away from the success and market position that Netflix has built over years in the streaming sector, according to the firm.