Jefferies Maintains Hold on Netflix

Jefferies is out with its report today on Netflix (NASDAQ: NFLX), maintaining Hold.

In its report, Jefferies writes, "Starz ended renewal negotiations for the contract, which essentially provided NFLX with newer movie content from Sony Pictures and Disney. While this leaves a hole in NFLX's newer film content, Starz accounts for only 8% of domestic streaming for NFLX, and mgmt remains confident in its ability to deploy funds to acquire other content. All in, we think this news will weigh on NFLX shares short-term. We maintain a Hold rating on NFLX."

Jefferies maintains a $265 PT on NFLX.

At the time of posting, shares of NFLX were trading pre-market at $210.18, down 9.98% from Thursday's close.