UPDATE: Oppenheimer Reiterates Outperform Rating, Lowers PT on Netflix

In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating on Netflix

, but lowered its price target from $130.00 to $100.00. Oppenheimer noted, “While NFLX reported in-line 2Q subscribers and EBIT, the company talked down its FY12 subscriber estimate. Meanwhile, international losses are expected to run higher than expected in 2H12 due to a new territory launch. Last, we're now taking a more conservative outlook toward US streaming contribution margins (+100 bps/qtr), which lowers our '13E US EPS to $6.62 from $8.03. As a result, we're lowering our price target to $100 from $130. With the stock indicated after-hours at $67, implying close to 50% upside potential, we maintain our Outperform.” Netflix closed on Tuesday at $80.39.