Needham & Company Maintains an 'Underperform' on Netflix (NFLX); P/E Ratio Fallen From Nosebleed Levels...But Still Look Expensive

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Needham & Company maintains an 'Underperform' on Netflix (NASDAQ: NFLX).

Analyst, Charlie Wolf, said, "Despite initial evidence of an upward inflection point in a key financial metric, we continue with an Underperform rating on Netflix, largely for valuation reasons. We reduce our 2012 earnings estimate from $0.50 to $0.25 and our 2013 estimate from $2.75 to $2.00."

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

Shares of Netflix closed at $74.20 yesterday, with a 52 week range of $62.37-$304.79.

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