$Netflix(NFLX)$ Netflix ( NFLX -1.61% ) shares are having a tough winter this year. The stock is trading 44% below the all-time highs of late October 2021, including a 34% drop in the first two months of 2022. In particular, many Netflix investors flinched when the company reported so-so results for the holiday quarter with projections of a subscriber slowdown in the next reporting period. Did Netflix deserve the stalled stock charts of recent months or is the media-streaming veteran a no-brainer buy today? Let's find out. The bear case against Netflix A couple of details jump out when Netflix is viewed through a pessimistic lens: Subscriber growth is slowing down in the company's older and more established markets. This could be a sign of total cust