Seaport downgrades Netflix to 'neutral'; shares fall

** Shares of Netflix NFLX down ~1% at $1,288 in premarket trading

** Seaport Research Partner downgrades stock to "neutral" from "buy"

** Brokerage says, NFLX is pursuing new partnerships—including with TF1 and, reportedly, Spotify SPOT—to capture more user media time, reduce churn, boost lifetime value and grow ad revenue

** However, much of the long-term opportunity is already priced in, and co will need time to deliver on expectations in advertising, aggregation, new launches and market share growth - Seaport

** On Wednesday, the Wall Street Journal reported NFLX held talks with Spotify about partnering on live projects like music award shows and concert series as part of its live TV expansion

** Avg rating of 50 analysts is "buy"; median PT $1,200 - data compiled by LSEG

** As of last close, NFLX stock is up ~45.53% YTD