Needham and Co was the fourth Wall Street brokerage in two months to cut its rating for Netflix Inc (NFLX.O) on Tuesday, arguing competition from new streaming services could lead to the loss of 4 million premium U.S. subscribers next year.
Needham analyst Laura Martin, who downgraded the California-based tech giant to “underperform”, believes Netflix will have to add a lower priced service to compete with competitors including Apple Inc’s (AAPL.O) Apple TV+ service and Walt Disney Co’s (DIS.N) Disney+.
