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Netflix: Stifel Downgrades to Sell After Stock Doubles

in News on January 30, 2009 at 10:15 am PT

Netflix is suddenly one of Silicon Valley’s hottest companies–it just reported blowout Q4 earnings, gave a strong Q1 outlook, and its stock has doubled since November. And the company’s service is becoming ubiquitous in the home entertainment space. So why did Stifel Nicolaus analyst Scott Devitt downgrade the stock this morning from Hold to Sell, estimating its fair value to be well below its current level of $35.95?