Barclays analyst Kannan Venkateshwar downgraded Netflix to Underweight from Equal Weight with an unchanged price target of $550. Netflix’s “premium valuation” is predicated on revenue growth being at least in the low-double-digits “for some time,” the analyst tells investors in a research note. The firm thinks this will get more difficult and that the company’s growth algorithm “will come with tradeoffs.” Even if Netflix gets to its revenue goal, the stock’s valuation “implicitly prices in” more than a doubling of the subscriber base from present levels, “which seems unrealistic,” contends Barclays.