Shares of Netflix ( NFLX +1.18% ) are down about 29% from the end of June. Part of the growth stock 's slide was driven by a post third-quarter earnings sell-off largely tied to a one-time Brazilian tax charge, but a good portion of it has come more recently, fueled by merger drama that is now spilling into a bidding war.

At the same time, the streaming specialist's underlying business has been firing on all cylinders, featuring double-digit revenue growth and soaring free cash flow. And the company's 3-year-old advertising business is also growing quickly.

So, the pullback's timing -- during a period of business strength for the company -- makes the stock more interesting again. But are shares cheap enough to make them a buy, or should investors wait for a lower price?

A merg

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