All is not well for Netflix, Inc. (NASDAQ:NFLX), and things might get worse. The stock is down roughly 20% this year, and institutional investor positioning points toward growing caution. Netflix's widening YouTube threat is increasingly harder to ignore. According to Nielsen, YouTube viewing rose 6% from June, bringing its share of U.S. television viewing to a record 14.2% in July. Netflix's share was 7.8%. YouTube has become a major living-room viewing destination, rather than simply a platform for short-form or mobile videos. HSBC argues that YouTube's gains are increasingly coming at Netflix's expense. HSBC downgraded Netflix to a Hold from a Buy on September 22. It also cut its price target on the stock to $76 from $96.
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