Netflix Shares Sink Midday Following Downgrade, Valuation Call At BTIG

Shares of Netflix

have sold off about $5 heading into Wednesday's afternoon trading session following a mid-day downgrade from BTIG's Richard Greenfield. The price is currently down more than 2 percent to around $306.50. The analyst now rates shares of Netflix at Neutral, down from Buy previously. Greenfield initiated coverage on Netflix with a $250 price target on April 15th of 2013. The analyst cited appropriate valuation at current levels. Netflix shares have rallied more than 230 percent in 2013 alone. Greenfield said he sees Netflix as "an increasingly appealing consumer proposition as wired/wireless bandwidth improves and we move toward a personalized entertainment world..."