UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Netflix

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Netflix

, but lowered its price target from $65.00 to $60.00. Jefferies noted, “Decent 3Q12 results were overshadowed by guidance that reflects continuing pressure on margins and increasing competition. Solid domestic DVD results offset some weakness in US streaming while int'l streaming subs (total and paid) surpassed our and Street expectations. However, 4Q12 guidance came in below expectations and was particularly weak for the US streaming segment.” Netflix closed on Tuesday at $68.22.