The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( Trefis) -- Netflix's ( NFLX) stock dipped early last week before recovering Thursday with the broader market rally. Over the last month it's down over 45% indicating a huge loss in confidence in its growth and future. We believe that the market correction is overdone and highlight the positive steps the company has taken to improve its content offering, which will support growth. Follow TheStreet on Twitter and become a fan on Facebook. This view is shared by some sell side analysts as suggested by Piper Jaffray's $300 and Bank of America Merill Lynch's $224 price targets. We acknowledge that third quarter has not gone well, but we believe that it should be able to return to growth in fourth quarter of 2011 and regain some investor confidence in its growth prospects. The company has been continuously improving its content and has signed deals recently with Dreamworks Animation and a deal to acquire exclusive rights to Lilyhammer. We also believe that Netflix will continue to benefit because of its significant lead in terms of content offering and reach, and because its competitors like Dish Network's ( DISH) Blockbuster and Amazon ( AMZN) are not really viable alternatives for subscribers yet.