Caris Cuts Netflix (NFLX) to Below Average, Shares Down 44% Since Beginning of Sept.

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Caris & Co.'s David Miller just downgraded shares of Netflix (NASDAQ: NFLX) from Average to Below Average in an intraday research note. The analyst reduced his price target on the stock from $185 to $103.

With Netflix shares down 8.7 percent to around $131 Tuesday morning, the firm's new price target implies potential downside of about 21 percent.

The downgrade follows a 40 percent decline in shares of Netflix since the company reduced its third-quarter domestic subscriber guidance. Taking it back a little further, the stock is down 44 percent since announcing it ended renewal talks with Starz.

For more ratings news on Netflix click here and for the rating history of Netflix click here.

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