Analyst sees Netflix falling 38% after earnings

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Netflix (NASDAQ: NFLX) first-quarter earnings show what happens when there isn’t a global pandemic to artificially boost subscriber totals, and that has one Wall Street analyst seeing the video streaming giant’s stock cratering.

Although Wedbush analyst Michael Pachter actually raised his price target on Netflix by $2 per share to $342, it’s still 38% below where the stock closed the day before. However, he maintained his underperform rating on the stock, which is the equivalent of a sell.

It’s not as though Netflix didn’t experience any growth. It added 4 million new subscribers during the quarter, reaching 207.6 million,…