An Analyst Compared Netflix to Jesus. Here’s Why

At least one bank analyst believes in Netflix the way that Christians believe in Jesus.

“A wise investor once remarked to us: If Jesus were a stock, he’d be Netflix. You either believe or you don’t,” Bernstein analyst Todd Juenger wrote in a Friday note to clients. “You either believe in the 10+ year story, or you don’t. We believe.”

Juenger started research coverage of the $ 63 billion streaming giant with a price target of $ 178, according to Barron’s. That would make the company worth nearly $ 77 billion, up 22%, over the next 12 months.

“Like any belief based on faith, we don’t think there are any arguments based on currently observable, factual evidence that could be made to convert believers into non-believers, or vice-versa,” Juenger wrote, according to CNBC. “Our investment thesis, then, simply comes down to why we believe subscription video on demand generally, and Netflix specifically, are so vastly superior to the ‘old’ way of delivering consumer video entertainment.”

Juenger acknowledges that buying Netflix stock might not be that attractive considering the company burned through nearly $ 2 billion in cash last year, according to the SEC. But in the long term, Juenger believes Netflix is well positioned to bring in more subscribers, which would boost revenue.

Other investors also seem to have faith in the company’s growth potential. Some are willing to pay $ 340 for each dollar of Netflix’s earnings now — much more than the $ 174 investors are willing to shell out for each dollar of Amazon’s profits.