Bernstein sees Netflix stock down another 20%


Netflix shares have been under pressure ever since the company reported disappointing second quarter results in July, dropping nearly 20% since then, and Bernstein on Thursday sought to answer investors’ questions about how long this slump will continue.

“The Q2 miss, coupled with the upcoming Disney+ launch in the US (and Apple as well, and more to come), has come together to make investors reevaluate their confidence in Netflix’s subs and pricing growth,” Bernstein analyst Todd Juenger wrote in a note, adding that “investors are increasingly asking us: ‘where is the floor?'”

Juenger noted that it’s difficult to make use of a historical basis for valuing Netflix, because the “company has…


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