Brett Molina

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Netflix shares have slipped nearly 4% in pre-market trading Thursday on an analyst downgrade for the streaming media service's stock.

Street Insider reports Morgan Stanley downgraded Netflix's stock to underweight, citing increased competition from streaming services such as Hulu Plus, HBO Go and Amazon Instant Video.

Netflix was one of the shining stars on Wall Street in 2013, as its stock soared in value last year. The company's stock started 2013 at $92 before skyrocket to more than triple its value. It's currently trading at around $350.

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