shares of netflix inc nflx were off more than 2 in premarket trading monday after cfra analyst kenneth leon downgraded the stock to sell from hold he wrote that netflixs stock is up 40 from its july low but he thinks it could lag the sp 500 spx for the balance of the year in q2 2022 nflx realized only 103m in operating cash flow and 13m in freecash flow leon wrote these metrics should improve but we are confident ebitda earnings before interest taxes depreciation and amortization and eps earnings per share will be lower in 2022 2h compared to 1h results leon added that an upcoming advertising tier of the service could help revive subscriber growth though this catalyst is unlikely to play out until next year the stock is up about 30 over the past three months as the sp 500 spx has risen 8