Netflix Shares Down As Citigroup Downgrades To Nuetral

Shares of Netflix Inc. were down 1.2% in premarket trade Thursday, as analysts at Citigroup knocked the company down to a neutral rating from buy. Reasons for the downgrade include the stock's recent strong outperformance and concerns over valuation -- shares, which closed Wednesday at $678.61, have nearly doubled in the year-to-date, and sit just 6.3% below Citi's $722 target price. Analysts are also hesitant as Netflix enters new markets, waiting for signs of traction to show the company's upside moving forward. Netflix, which shares rallied to a record intraday high of $706.24 on Wednesday before turning lower, plans to reach 200 countries by the end of 2016.