UPDATE: Credit Suisse Downgrades Netflix to Neutral on Valuation

Credit Suisse downgraded Netflix

from Outperform to Neutral and raised the price target from $80.00 to $132.00. Credit Suisse commented, "Even as we model in increased Domestic and International subscriber growth estimates with the resulting faster ramp in profitability in the near-to-medium term, NFLX shares are now trading in-line with our updated price target of $132. What has not changed is Netflix's longer-term opportunity given the continued consumer adoption of multiple screens, and even as the operating environment as well as investor sentiment shifts back in the company's favor, we have to note that there is still much variability in the model, especially in the cadence of subscriber adds as well as incremental content acquisition costs." Netflix closed at $103.26 on Wednesday.