Merriman Maintains Neutral on Netflix

Merriman is out with its report today on Netflix

, maintaining Neutral. In its report, Merriman writes, "While we continue to believe Netflix management continues to make the right decisions to secure long-term growth opportunities by expanding beyond the domestic market, we remain concerned that we have entered a prolonged period of difficult earnings headwinds coupled with an uncertain competitive environment - both of which could restrain valuation multiple expansion. We are maintaining our Neutral rating and valuation target range of $220-240 based on 35-40x our CY12 EPS estimate." At the time of posting, shares of NFLX were trading pre-market at $210.75, down 9.57% from Thursday's close.