Netflix spikes lower on downgrade to Neutral from BTIG

|By:, SA News Editor

Previously trading near breakeven, Netflix (NFLX -2.8%) has sold off in mid-day trading thanks to the downgrade.

BTIG's Richard Greenfield launched coverage on Netflix with a Buy and $250 PT on April 15, when shares were trading at $173. With shares now above $300, he isn't as keen about the streaming giant's valuation.

In July, Greenfield co-hosted Netflix's post-earnings moderated live video talk. Will Netflix bring him back for a Q3 talk?