A YTD chart of the FANG stocks shows one name sticking out like a sore thumb: Netflix (NFLX), which is now dropping below $96, is well below where it was trading at the start of the year, and substantially underperforming its FANG peers. Unfortunately for shareholders of the video streaming company, there is more pain in the stock today because overnight Macquarie released a report titled "Crouching Tiger, Hidden Challenges", in which it downgraded the stock to Underperform with an $85 price target.

Here is the justification:

Full report