UPDATE: J.P. Morgan Lowers PT on Netflix from $87 to $63

J.P. Morgan reiterated a Neutral rating on Netflix Inc.

and lowered its price target from $87 to $63. J.P. Morgan noted, “We maintain our Neutral rating on Netflix coming out of earnings as we believe light 2Q domestic streaming subs, low probability of hitting 7M domestic streaming net adds for the year, and overall breakeven profitability for the foreseeable future are likely to keep the shares under pressure in the near term.” Netflix closed at $80.39 on Tuesday.