UBS downgrades Netflix, calling shares overvalued after 75% rally from COVID-19 lows

Netflix shares' risk-reward profile is becoming increasingly unattractive as investors ignore major risks and pile in, UBS said Tuesday.
The firm downgraded Netflix to "neutral" from "buy" while reiterating its $535 price target.
Investor debates around new competitors, rising content costs, and lasting subscriber growth "have disappeared at current levels," the team of analysts wrote.
"We would rather be constructive" at levels where such concerns are better factored into Netflix's stock price,