Phillip Securities analyst Helena Wang downgraded Netflix (NFLX) to Sell from Neutral with an unchanged price target of $950. The firm cites valuation for the downgrade following the recent share rally. The analyst cites Netflix’s “stretched valuation” and declining engagement per viewer for the downgrade to Sell. This may be a drag on the company’s advertising revenue amid high expectatoins, the analyst tells investors in a research note.
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