Buckingham Research analyst Matthew Harrigan downgraded shares of Netflix Inc. NFLX, +1.18% to underperform from neutral ahead of the company's second-quarter earnings report Monday afternoon. Though Harrigan projects above-consensus subscriber numbers for the quarter, he generally sees "optimistic forecasts" for Netflix subscriber additions as being priced into the stock. "Even if Netflix Google search activity suggests a possible beat we would use another post-earnings pop to take profits," he wrote. Harrigan is also concerned about competition from other streaming-video services, particularly overseas. "India is especially intense - with entrants like market leader Hotstar priced at just $3 a month, including sports, as well as Amazon Prime," he wrote. Harrigan raised his price target to $333 from $301, though the new target is 16% lower that Netflix's Friday closing price. Among 44 analysts tracked by FactSet and who cover Netflix, just four rate the stock the equivalent of a sell. Shares are up 0.4% in premarket trading and up 146% over the past 12 months, while the S&P 500 s[x has gained 14%.via