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Netflix Analyst Trifecta Cuts (NFLX, AMZN, BBI)

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By Jon C. Ogg Updated Published
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Netflix, Inc. (NASDAQ: NFLX) had been on another tear but a UBS downgrade from Neutral to ‘Sell’ yesterday refuted a WSJ story that Netflix could be a possible takeover target for Amazon.com Inc. (NASDAQ: AMZN).  And now we have seen two more analyst downgrades this morning taking even more juice out of this cocktail.

It was just yesterday that shares hit a new 52-week and all-time high of $119.50, but shares closed down at $110.01 on the intra-day downgrade.

Citigroup cut Netflix down to a “Hold” from Buy due to target price and valuation (target $110).  Merriman Curhan Ford cut the rating to Neutral from Buy on the same reasoning this morning.

Blockbuster Inc. (NYSE: BBI) earnings were a disaster and shares are down 21% at $0.39 in trading this morning.  Our own take is that if Amazon.com really wanted to buy Netflix it should have done so last summer.  A Netflix acquisition would only be combining two high valuation and premium multiple stocks even if it would add in a solid business that could easily be consolidated in the Amazon network.

Netflix shares are trading down 4.78% at $104.75 on the two analyst downgrades this morning.  At 9:25 AM EST we have seen only about 45,000 shares trade hands.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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