Netflix Trades Down 46% From Peak as Analysts Weigh Streaming Competition and Valuation

Netflix ($NFLX) has declined 46% from its all-time high of $134.12, trading near $71.15 and testing a key technical support level between $65 and $71.
The pullback follows recent Wall Street downgrades and mounting competitive pressures, highlighted by YouTube capturing a record 14.2% share of U.S. living-room TV viewing compared to Netflix's 7.8%. Despite these headwinds and compressed valuations near 22 times earnings, 25 of 33 analysts maintain buy ratings, viewing the sell-off as an overreaction provided that technical support holds and future content slates strengthen.