Canaccord's Jeff Rath follows up on S&P's downgrade of Netflix (NFLX -3.3%) by reiterating a...

|By:, SA News Editor

Canaccord's Jeff Rath follows up on S&P's downgrade of Netflix (NFLX -3.3%) by reiterating a Sell on the company, arguing the company's massive capital needs will continue weighing on shares. Rath thinks losses for Netflix's international operations could exceed $100M in Q1 alone, and content purchase costs will exceed the amortization expenses reported on Netflix's income statement.