UPDATE: Morgan Keegan Lowers PT on Netflix to $240

Morgan Keegan is out with its report today on Netflix NFLX, lowering its PT from $295 to $240. In its report, Morgan Keegan writes, "NFLX shares will clearly face near-term pressure as 1) price changes and 2) Starz create uncertainties around gross adds, churn, and GM. Reduce PT to $240 (35x) from $295 (43x) as a lower multiple is warranted until these questions are resolved." Morgan Keegan maintains Market Perform on NFLX. At the time of posting, shares of NFLX were trading at $210.29, down 9.85% from Thursday's close.