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9/24, 4:19 PM (Source: TeleTrader)
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Analysts cut Netflix target price, send stock down

Pivotal Research Group cut its price target on Netflix shares by nearly a third on Tuesday, to $350 from $515. KeyBanc Capital Markets also expressed concern about Netflix’s upcoming results, saying that "even good results are unlikely to address competitive fear."

In the last six months, Netflix stocks slumped 28.15% and they fell 11.00% in the last month while they are currently at their lowest since January. At 4:13 pm ET, the company’s stock was down by 2.19% to $260.25.

Netflix’s co-founder and chief Reed Hastings said that the company is bracing itself for a fierce fight against Disney and Apple and that "this presents tough competition." Both Disney and Apple are set to launch new streaming platforms that are more competitively priced than Netflix’s.

Breaking the News / TF