Netflix (NFLX US) slipped -0.6% overnight making fresh 4-month lows in the process, never a good sign in a positive session. NFLX has been letting its peers down in the FANG+ Index, it remains over 40% below its 2021 high while other big tech names such as Microsoft (MSFT US) and Apple Inc (AAPL US) have been posting fresh all-time highs in recent months.
- We see no reason to accumulate Netflix as it operates in an increasingly competitive space.
MM is neutral towards NFLX short-term
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