Shares of Netflix Inc. (NASDAQ: NFLX) fell 3% by afternoon trade after Bernstein’s senior equity analyst, carlos Kirjner downgraded the internet streaming company’s stock to “underperform” from “market-perform”. Bernstein has a price target of $180. The firm said current valuation reflected “unrealistic expectations.” In his research note, Kirjner wrote, “We believe Netflix will grow its subscriber base, will expand its margins and will be able to replicate its business model in different geographies….However, we also believe that the stock’s current valuation reflects unrealistic expectations across all major economic and strategic levers of the business.”
Continue reading Major Movers on June 25; NFLX, BKS, WAG, P, IPXL