[i][b]That rarest of species – a bear on $NFLX..
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Wedbush maintained Underperform rating and raised its price target to $110 from $93.
We expect Netflix to burn cash to fund content acquisition for many years, notwithstanding the fact that it has increased price three times while cash burn continues to grow. International profits may remain elusive due to competition for content and subs, and the price increases could cause a deceleration in subscriber growth. Negative FCF makes DCF valuation impossible.