Analyst calls Netflix’s business ‘broken’
Wedbush downgrades online movie provider to underperform
By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) — Calling Netflix Inc.’s business model “broken”, Wedbush Securities analyst Michael Pachter on Wednesday cut his rating on the video-streaming and rental company to the equivalent of sell, citing factors such as rising content-acquisition costs and continued loss of customers.
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