Netflix’s stock slipped after a downgrade at Seaport Research, which believes the it has already priced in growth that could be years down the line.

Seaport’s David Joyce downgraded shares of Netflix to Neutral from Buy late Sunday night. He also removed his previous price target of $1,230. “We just think the company may need some time to execute against expectations before there can be another leg up for the shares,” Joyce wrote in a research note.

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