Analyst Sees Netflix (NFLX) Hitting Peak Addressable Market in US This Year, Cuts Target to $56

May 18, 2012 9:45 AM EDT
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Price: $133.26 --0%

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    33 Buy, 23 Hold, 9 Sell

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    Up: 23 | Down: 31 | New: 34
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Caris & Co.'s David Miller reduced his price target on shares of Netflix (NASDAQ: NFLX) from $72 to $56 Friday morning. The analyst maintains a Below Average rating.

Miller draws a rather concerning thesis: Netflix is very close to hitting what he calls a "maturity wall" in regards to the addressable market within the US. The analyst is modeling for an addressable market of about 71 million households, and said he believes the company will "touch" this number sometime this year.

With Netflix shares down about 2 percent to $70.58 at last check, Miller's new price target represents potential downside of about 21 percent.

For an analyst ratings summary and ratings history on Netflix click here. For more ratings news on Netflix click here.

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