(This is CNBC Pro’s live coverage of Friday’s analyst calls and Wall Street chatter. Refresh every 20-30 minutes to see the latest posts.) Netflix and a popular beauty stock featured among the biggest analyst calls on Friday. Canaccord Genuity downgraded Netflix after the streaming giant released first-quarter results. Ulta Beauty also got a downgrade from Jefferies. Check out the latest calls and chats below. All times ET. 5.53am: Canaccord Genuity downgrades Netflix, cites slower growth ahead Watch out for slower growth for Netflix, according to Canaccord Genuity. Analyst Maria Ripps downgraded the media giant to not buy following its first-quarter release, saying the company’s paid sharing initiative “significantly advanced member growth.” “Despite these mostly solid results and outlook, we see limited growth catalysts for the coming quarters and with the stock up around 90% over the past 12 months and up around 25% year to date, we believe the investors may be well served to look elsewhere for upside and are downgrading stocks to hold,” he wrote. Shares fell nearly 6% before the bell, even after Netflix topped first-quarter results and reported a 16% increase in total subscriptions in extended trading Thursday. NFLX 1D mountain NFLX Falls Along with the results, Netflix also said it plans to stop reporting quarterly subscription numbers and average revenue per member, which Ripps deems further contributing to this “uncertainty.” “We believe this decision and the timing in which the company plans to end disclosure indicate that membership growth may be challenged in FY25, as paid sharing likely pushed forward member additions, even whether that benefit could continue for a few more quarters,” he said. . Despite the news, some Wall Street majors maintained their overweight ratings on the stock. Although net additions will likely decline in 2025, Wells Fargo analyst Steven Cahall expects average revenue per user to accelerate as Netflix’s advertising program spreads across the United States and Canada. Price increases later this year in other countries and continued development of Netflix’s ad tier should also help offset some pressure on average revenue per user, JPMorgan’s Doug Anmuth added. Elsewhere, Morgan Stanley’s Benjamin Swinburne saw the results and outlook as a sign that the company can support EPS growth of 25% to 30%. “The business model transition implemented two years ago, when growth was stalling, appears on track,” he wrote. “Healthy double-digit revenue growth appears sustainable beyond 2024.” – Samantha Subin 5:53: Jefferies Downgrades Ulta Beauty The competition against Ulta Beauty is heating up, and Jefferies thinks it could hurt the stock. Analyst Ashley Helgans downgraded the stock to hold from buy. She also reduced her price target from $585 to $438. The new forecast is just 3% higher than Thursday’s close. Shares fell more than 1% in premarket trading. “We have viewed Ulta as a stock buyer in the current macroeconomic environment, but see constraints on ULTA’s prestige business (50% of sales) due to lack of newness and increasing pressure from Sephora raising potential downward revisions in [next 12 months]”Helgans wrote. The analyst added that, after meeting with management, she would not be “surprised to see ULTA be more promotional to maintain market share, weighing on [gross margins] and delay SG&A investments to maintain current ones [operating margins] guide.” Ulta shares have struggled in 2024, losing 13.2%. ULTA YTD mountain ULTA year-to-date — Fred Imbert