BofA/Merrill Lynch Downgrades Netflix (NFLX) to Underperform

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BofA/Merrill Lynch downgraded Netflix (NASDAQ: NFLX) two-notches from Buy to Underperform with a price target of $72.00 following the 31% run-up in the last few weeks.

The firm said bears have plenty to sink their teeth into including increasing domestic and international competition.

BofA/Merrill Lynch's follows yesterday's upgrade to Overweight at Morgan Stanley.

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 $73.52 yesterday, with a 52 week range of $52.81-$133.43.

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