The analysis focuses on Netflix (NFLX), with the current price at $87.05. Despite recent earnings that beat estimates, the stock is down due to various factors including increased competition and a slowdown in subscriber growth, leading to a decrease in market cap. The speaker presents a valuation model showing that at a forward P/E of 28x, the stock could reach $73, indicating potential downside. However, if Netflix can achieve a forward P/E of 36x or higher, the stock is considered a buy at current levels, with potential for significant upside. The speaker believes that at $83, Netflix represents a good buying opportunity.