Benchmark Sees Minimal Impact From Netflix's Operations Suspension In Russia

• Benchmark analyst Matthew Harrigan does not consider Netflix Inc's (NASDAQ:NFLX) suspension of operations in Russia a significant blow to the streaming giant's overall business.
• There is "a clear crisis fallout" that could affect Netflix's stock valuation and international growth numbers, but its Russian subscriber base is paltry compared to other countries and regions.
• "The isolated financial effect is minimal," Harrigan said, noting that "less than an estimated 1 million of [Netflix's] 222 million [subscribers] reside in the Russian Federation."
• Harrigan remained "bullish" on the global direct-to-consumer streaming TV market. 
• However, Harrigan acknowledged that Netflix's strong position in the streaming TV market was vulnerable to the growing competition.
• Price Action: NFLX shares traded lower by 0.73% at $359.08 on the last check Monday.