FBR Capital Markets analyst, Barton Crockett, noted Netflix's (NASDAQ: NFLX) argument that the meaningful 2Q16 sub miss was all due to greater-than-expected sensitivity of consumers to reports of an impending effective rate hike. But he doesn't find that comforting. Instead, he believes this suggests the loyalty of Netflix subscribers is thin, which is not helpful for long-term bull arguments anchored in TAM and pricing leverage.

No change to Perform rating but the PT drops to $90 from $104.

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Shares of Netflix closed at $98.81 yesterday.