Netflix lower on bearish Barclays call

|By:, SA News Editor

Barclays has started Netflix (NFLX -1.1%) with an Underweight and $390 PT. The firm is worried about the streaming giant's valuation and slowing international profits.

Netflix's international ops posted a $35M op. loss n Q1, a figure that contrasted sharply with the $201M op. profit posted by its U.S. streaming ops.

But international op. loss is expected to fall to $12M in Q2, and (in spite of aggressive European expansion plans) Netflix has said the business is "on a path to achieve profitability this year."

Shares currently go for 4.8x 2014E sales, and 4x 2015E sales.