UPDATE: Jefferies Downgrades Netflix (NFLX) to Hold

(Updated - January 24, 2022 5:33 AM EST)

Jefferies analyst Andrew Uerkwitz downgraded Netflix (NASDAQ: NFLX) from Buy to Hold with a price target of $415.00 (from $737.00).

The analyst comments "Our Buy thesis was predicated on 1) steady sub growth; 2) low churn and international content advantage; 3) #1 & #2 leading to operating leverage as content spend steadies around $21B; and 4) new revenue opportunities in adjacent markets. #1 & #4 are at risk. We are confident in being in the middle innings of streaming penetration, but now see it taking much longer adding uncertainty. On the adjacency front, we believe Netflix isn't moving fast enough."

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 $397.50 yesterday.

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