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Netflix's  (NFLX) - Get Netflix, Inc. Report  price target was slashed by $100 to $340 by Monness Crespi Hardt on Wednesday, a week ahead of the company's third-quarter earnings release, as the streaming giant faces increasing competition.

Shares were fell 1.7% to $266.15.

Analyst Brian White, who reiterated his buy rating on the stock, said in a note to clients that his decision was motivated by a macro environment that has weakened since Netflix last provided guidance, and more details last month from Apple (AAPL) - Get Apple Inc. Report about its planned launch of Apple TV+. There are incremental data points around increasingly fierce competition for content, White said.

The move follows a similar action from Evercore, which slashed its target price on Netflix earlier this week to $300 from $380, citing negative investor sentiment amid growing competition in the online streaming industry.

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In addition, Piper Jaffray on Wednesday said it conducted a survey of 9,500 high school students that saw Netflix falling behind YouTube. Analyst Michael Olsen, who maintained an overweight rating on the company, said he believes Netflix continues to maintain "strong teen mind share" and attributes the position switch with YouTube at least partially to core differences between the content.

Overall, fewer teens said that their household subscribes to cable/satellite TV, which lost the most share, down to 12% vs. 14% prior, Olsen said.

Netflix is scheduled to report earnings on Oct. 16.

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