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The Ratings Game: Netflix cut at UBS to neutral from buy

UBS downgraded its Netflix Inc. rating on Thursday to neutral from buy, though it increased the price target to $425 from $375.

The firm’s analysts, led by Eric Sheridan, said the streaming giant’s potential long-term growth is already reflected in its current stock price, but the price does not adequately reflect “risks to the downside from competition, free cash flow burn, & dependence on capital markets for content spending goals,” though Sheridan acknowledged “NFLX NFLX, -1.00% could surprise us with better Q2 results & Q3 guide.”

UBS predicts Netflix will report a net of 1.2 billion new domestic subscribers and 5.1 new international subscribers, roughly in line with current analyst estimates.

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