Jefferies Cuts Netflix Price Target By 44% - Netflix (NASDAQ:NFLX)

Jefferies analyst Andrew Uerkwitz downgraded Netflix Inc NFLX to Hold from Buy with a price target of $415, down from $737, suggesting an 11% upside.
Uerkwitz sees a path to a Buy rating. However, he "lacks the conviction" given too much uncertainty in the near term.
Related Content: Netflix Stock Plummets 20%: A Technical Analysis
Current subscribers are "going nowhere" as engagement is vital and churn is low. Still, the cost of acquiring incremental subscribers has likely become too high as "the best content slate we've seen doing little to drive sub growth," Uerkwitz stated.
His prior Buy thesis partially factored in new revenue opportunities in adjacent markets, but on that front, he believes Netflix "isn't moving fast enough."
Price Action: NFLX shares traded lower by 6.37% at $372.18 on Monday's last check.