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Credit Suisse downgrades Netflix, says it's losing its luster as a 'stay-at-home' play

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The Netflix logo is seen on a mobile phone.
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(This story is for CNBC Pro subscribers only). 

Netflix is set to struggle over the next couple of quarters after seeing its growth pulled forward during the global pandemic, Credit Suisse said in a new note to clients. 

The streaming video giant warned of a slowdown in subscriber growth for the second half of the year, sending its shares tumbling in extended trading. Credit Suisse expected guidance of 5.2 million subscribers for the third quarter, while Netflix projected 2.5 million. 

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