Wedbush Downgrades Netflix (NFLX) to Underperform
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Wedbush downgrades Netflix (Nasdaq: NFLX) from Neutral to Underperform, while maintaining their $50 price target. The firm said the growth does not justify the multiple.
The firm believes shares of are trading above full value. Analyst said, "Netflix's recent financial performance has been solid, with Q3 EPS well above expectations, and the company exceeded guidance on every metric. However, we believe that the stock's current price reflects investor expectations for growth well above what can be reasonably expected."
The firm cautions that their downgraded may be early as the recent PS3 partnership is likely to accelerate subscriber growth, and the company's $200 million share buyback program may drive the shares higher near term.
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