NEW YORK ( TheStreet) -- Netflix ( NFLX) was downgraded by two different firms on Wednesday, as analysts become wary of its share price.

Bank of America downgraded Netflix two notches to underperform from buy, saying the movie-rental company would need to triple its subscriber base by 2015 to justify the current share price of nearly $70.

"With competitive risks likely to increase, we believe the risk/reward ratio is tilted to the negative," the broker said in a note. "The most significant new threat is HBO Go, which leverages HBO's undisputed subscription content lead and much larger subscriber base."

HBO Go streams more than 600 hours of HBO-specific programming online.

Susquehanna Financial also cut its rating on Netflix to neutral, as shares reach its price target. Netflix shares have jumped 30% since SIG initiated coverage on the stock on Dec. 23.

"While we remain positive on Netflix fundamentals, we believe many of the plusses in the story are adequately reflected in the shares at current levels," analyst Marianne Wolk wrote in a note.

In the near term, Netflix has positive subscriber momentum from adding platform partners like Sony's ( SNE) PlayStation 3 and Nintendo's Wii. It is also expected that there will be a mobile implementation for Apple's ( AAPL) iPhone.

However, Warner Brothers' recent agreement with Netflix to implement a 28-day window before Netflix receives new movies may push other movie studios to adopt similar standards.

-- Reported by Jeanine Poggi in New York.

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