Jefferies Maintains Hold on Netflix

Jefferies is out with its report today on Netflix NFLX, maintaining Hold. In its report, Jefferies writes, "Starz ended renewal negotiations for the contract, which essentially provided NFLX with newer movie content from Sony Pictures and Disney. While this leaves a hole in NFLX's newer film content, Starz accounts for only 8% of domestic streaming for NFLX, and mgmt remains confident in its ability to deploy funds to acquire other content. All in, we think this news will weigh on NFLX shares short-term. We maintain a Hold rating on NFLX." Jefferies maintains a $265 PT on NFLX. At the time of posting, shares of NFLX were trading pre-market at $210.18, down 9.98% from Thursday's close.