Phillip Securities downgraded Netflix (NFLX) to Reduce from Neutral with a price target of $870, up from $695. The firm cites valuation for the downgrade following the recent share price strength. Netflix continues to solidify its dominance in the video-on-demand streaming market, expanding its user base while increasing average revenue per member through a combination of premium content and strategic pricing, the analyst tells investors in a research note. However, Phillip Securities sees “stretched valuations” at current share levels.
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