NFLX Weighed Down By Further Downgrades

Brokers’ valuation concerns weighed heavily on Netflix NFLX as Citigroup and Merriman Curhan Ford both removed their “buy” ratings from the stock and downgraded it to “neutral,” before the markets opened today. Yesterday, UBS had lowered NFLX to “sell.” Mark Mahaney of Citigroup said, "Netflix has reached our $110 price target. Thus, we see the risk-reward as less compelling." At 12:19 pm, the stock was trading at $101.07, down 7.94%. Read more from Benzinga's Company news.