Netflix Soars on Password Crackdown, Ad Tier, and Content Wins Ahead of Earnings

• Netflix shares up 25% YTD driven by password sharing crackdown and ad tier launch

• Ad tier subscribers will become more valuable long-term as more advertisers come on board

• Analyst expects Netflix to beat Q1 expectations, focused on free cash flow growth

• More live sports content like WWE's "Raw" coming to Netflix, building out ad platform

• Analyst has Outperform rating, expects subscriber growth to handily beat expectations