1244 ET - Investors are overly fixated on Netflix's slowing viewing trends in the U.S. and missing other positives for the company, Deutsche Bank analysts write in a note, updating the stock to buy. They note that the biggest domestic declines this year coincided with the Winter Olympics and World Cup, while international viewing data suggest consistent growth with a substantial runway. The company also has room to leverage its position as a platform -- optionality the analysts see as not priced in - and should, on net, benefit from AI adoption. Though the U.S. softness is real, the analysts write, "we believe the current valuation largely reflects these domestic risks while insufficiently differentiating Netflix's mature US business from its less- developed, higher growth international opportunity." Shares gain 2%.