Netflix is losing viewers — but they're still subscribed

Netflix (NFLX) has a unique problem: subscription zombies. The company is seeing sagging engagement in the US, while also claiming an industry-low churn rate. People aren't leaving the service, but they aren't watching it enthusiastically, either. If the company's stock price — down 30% this year — is any indication, investors are fed up. But the steep fall from prior highs is, given the right insights and conviction, another buying opportunity. That's how analysts at Deutsche Bank see things. In a note published Wednesday, Bryan Kraft made the case for buying the dip.