Netflix Inc. shares slipped Friday after a Citi Investment Research analyst downgraded the online movie rental company, saying shares have hit a fair value.
Netflix shares have nearly doubled in value since the beginning of the year and nearly tripled over the past 52 weeks. Stellar earnings reports and subscriber growth have propelled the stock.
Shares were down $7.89, or 7.2 percent, to $102.12 on Friday amid a broader market slump.
Citi analyst Mark Mahaney downgraded the stock to "Hold" from "Buy" in a note to investors. He said, "The recent share price surge is well justified," adding, "We would be aggressive buyers on any material pullback."
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