“At ~16x 2023 P/E, we believe the risk/reward has become more attractive as current valuation implies minimal incremental subscriber growth, in our view. At the current share price, we believe the market may be overlooking the multi-year opportunity for a return to sustainable subscriber growth, with optionality stemming from the company’s upcoming advertising-supported and password-sharing plans. We maintain our Hold rating as we await further details related to these initiatives, though our preliminary work suggests that advertising can be a catalyst for renewed subscriber growth while having a neutral to positive impact on revenue per member"