UPDATE: Bank of America Lowers Netflix's PO

According to a research report published this morning, Bank of America has lowered Netflix's

PO from $88 to $72. Bank of America said in the report, "Yesterday, we met with Netflix CFO David Wells at the company's headquarters is Los Gatos, CA. Although we left feeling encouraged about the current health of the domestic streaming business, we believe the Street's current bottom line ests are too optimistic, as Netflix will likely continue aggressively investing internationally. [We] are lowering our bottom line ests in 2012 and beyond." Bank of America maintains its Underperform rating on Netflix, which closed yesterday at $67.34.