Stifel analyst Scott Devitt has downgraded Netflix Inc. stock to a hold from a buy rating due to the current valuation of the stock, according to a research note late Tuesday. “We are attracted to Netflix’s business and competitive position but believe share price may have sprinted ahead of fundamentals in the short-term,” Devitt wrote. The note says that Netflix stock has reached the analyst’s new $325 price target and that shares are up nearly 70% year-to-date compared with the S&P 500 index , which has gained 2%. This follows a 55% gain in 2017, the analyst wrote. Netflix stock is down 2.5% after hours amid broad market uncertainty following the late Tuesday resignation of Gary Cohn, the head of President Donald Trump’s National Economic Council.
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