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        "rawOutput": "{\n  \"model\": \"AI_Equity_Analyst_v1\",\n  \"as_of\": \"2026-04-08T20:00:01.000Z\",\n  \"ticker\": \"NFLX\",\n  \"currency\": \"USD\",\n  \"current_price\": 99.39,\n  \"target_price_6m\": 105.0,\n  \"target_price_12m\": 110.0,\n  \"recommendation\": \"BUY\",\n  \"confidence\": 0.65,\n  \"thesis_bullets\": [\n    \"Revenue growth driven by international expansion.\",\n    \"Operating margins expected to improve to 20%.\",\n    \"High valuation multiples limit near-term upside potential.\",\n    \"Content investments crucial for subscriber retention.\",\n    \"Earnings recovery possible with cost controls.\"\n  ],\n  \"key_drivers\": [\n    { \"driver\": \"Subscriber growth\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n    { \"driver\": \"Content spending efficiency\", \"impact\": \"MED\", \"direction\": \"POS\" },\n    { \"driver\": \"Competition intensity\", \"impact\": \"HIGH\", \"direction\": \"NEG\" },\n    { \"driver\": \"International expansion\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n    { \"driver\": \"Advertising revenue\", \"impact\": \"MED\", \"direction\": \"POS\" },\n    { \"driver\": \"Debt management\", \"impact\": \"LOW\", \"direction\": \"NEG\" },\n    { \"driver\": \"Price increases\", \"impact\": \"MED\", \"direction\": \"POS\" },\n    { \"driver\": \"Economic sensitivity\", \"impact\": \"MED\", \"direction\": \"NEG\" }\n  ],\n  \"risks\": [\n    \"Increased competition from other streaming services.\",\n    \"Regulatory changes impacting content distribution.\",\n    \"High content costs affecting profitability.\",\n    \"Macroeconomic downturn reducing subscriptions.\"\n  ],\n  \"assumptions\": {\n    \"revenue_cagr_3y\": 0.12,\n    \"ebit_margin_target\": 0.20,\n    \"wacc\": 0.09,\n    \"terminal_multiple\": 25.0\n  },\n  \"scenarios\": {\n    \"bear\": { \"target_price\": 85.0, \"prob\": 0.2, \"notes\": \"Severe competition and margin decline.\" },\n    \"base\": { \"target_price\": 110.0, \"prob\": 0.6, \"notes\": \"Moderate growth and stable margins.\" },\n    \"bull\": { \"target_price\": 130.0, \"prob\": 0.2, \"notes\": \"Strong performance and new initiatives.\" }\n  },\n  \"method_notes\": \"DCF valuation based on growth and margin assumptions; BUY due to 10%+ expected return. Not investment advice.\"\n}",
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              "driver": "Live sports integration",
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          "method_notes": "Valuation based on forward P/E multiple of 32x applied to FY27 EPS estimates. Recommendation reflects ~12.7% upside. Not investment advice.",
          "current_price": 99.39,
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            "Ad-supported tier driving incremental subscriber growth and ARPU expansion.",
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            "Successful expansion into live events and gaming diversifying revenue streams.",
            "Dominant market share provides significant pricing power in mature markets.",
            "Robust free cash flow generation supporting continued share repurchases."
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