UPDATE: Buckingham Research Downgrades Netflix (NFLX) to Neutral, 'Netflix's Stranger New Normal'

(updated to add analyst comment)

Buckingham Research downgraded Netflix (NASDAQ: NFLX) from Buy to Neutral with a price target of $257.00 (from $251.00).

Analyst Matt Harrigan comments "...we now think that some of the extreme scenarios advanced by shorts and bullish investors for FANG highflier Netflix are actually becoming less likely. We are confident in NFLX's position as a global streaming leader with new entrants like Disney more apt to be complements than replacements. Nonetheless, continued share momentum depends on market confidence that NFLX's guided $3.0-4.0B in negative 2018 free cash flow will generate superior investment returns."

For an analyst ratings summary and ratings history on Netflix click here. For more ratings news on Netflix click here.

Shares of Netflix closed at $227.58 yesterday.

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