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Benzinga
Benzinga
Business
Adam Eckert

What's Going On With Netflix Stock?

Shares of several companies are trading higher Tuesday as stocks rebound following weakness stemming from recent Fed policy tightening. However, Netflix Inc (NASDAQ:NFLX) is underperforming. So what's going on?

Stifel analyst Scott Devitt maintained Netflix with a Hold rating on Tuesday and lowered his price target from $300 to $240, citing affordability concerns. 

Devitt believes Netflix's subscriber slowdown can be attributed to the company's pricing model, which the Stifel analyst says is a barrier to growth outside of developed markets. 

See Also: Netflix Confirms Details On The Obamas' First Scripted Series From Higher Ground Productions

Netflix announced last week that it will report its second-quarter financial results on July 19. 

NFLX Price Action: Netflix has traded between $700.98 and $162.71 over a 52-week period.

The stock was down 2.64% at $170.87 at press time, according to data from Benzinga Pro.

Photo: Andrés Rodríguez from Pixabay.

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