Old Netflix subscribers face a $2-per-month price rise this year after the grace period from 2014's price increase ends.
"Our proprietary survey targeted more than 1,100 subscribers that have received the un-grandfathering/price change notification from Netflix," analyst John Janedis wrote in a note to clients Friday.
"The results suggest that the price point could have a larger impact on cancellations & that AMZN Prime's video platform is gaining share."
He lowered his Netflix price target to $76 from $80, representing 21 percent downside from Thursday's close. He has one of the seven sell ratings out of the 37 analysts who cover the stock on Wall Street.