Jefferies is Talking Greasy About $NFLX, Slashes Price Target to $80

Unlike yesterday’s currency inspired downgrade of NFLX by Needham, today’s downgrade at Jefferies is having an effect on the share price, currently down 3% in the pre market.

Essentially, they’re hating on the business and multiple.

“Although NFLX’s runway will span multiple years, our research suggests the domestic subscriber growth trajectory may be somewhat flatter than the market’s current expectations,” Jefferies analyst John Janedis wrote in a note to clients Wednesday.

“While Int’l will remain strong, we think the slowing U.S. market will pressure the stock’s multiple.”

Jefferies reduced the price target from $120 to $80. Apparently, they believe it’s a house of cards (sorry, I couldn’t help myself).