Seaport Research Partners downgraded Netflix Inc. (NFLX) stock from Buy to Neutral, citing concerns over valuation and the time required for the company to meet expectations related to advertising revenue and business expansion. The firm projects less than 10% upside for Netflix shares. This downgrade follows recent announcements involving potential partnerships, including talks with TF1 and speculation about discussions with Spotify (SPOT). Analysts note that while potential mergers among competitors such as Paramount (PARA), Comcast (CMCSA), and Warner Bros. Discovery (WBD) could theoretically reduce the scale gap with Netflix, challenges remain due to geographic overlap and limited global diversification. The downgrade comes amid Netflix's recent stock gains and ongoing industry speculation about its strategic moves.