Netflix, Inc. (NFLX) could see its shares tumble by up to 50%, a new analysis from Barron's says.

Part of that call could be blamed on Walt Disney Co (DIS) , which said it will start pulling its content from Netflix earlier than expected as it looks to build out its own streaming platforms. Add that to the fact Amazon.com, Inc. (AMZN) is looking to expand its Prime Video efforts, while Facebook Inc.  (FB) just recently announced its efforts in the video arena.

A recent survey by Piper Jaffray analysts shows Netflix will suffer minimal losses from Disney's action. Specifically, the survey found that just 20% of Netflix users spend more than 10% of their time watching Disney content on the platform.

However, one of Barron's bigger bones to pick came from how it acquires content, writing "Netflix has a plot flaw, one that could cut its share price by more than half by the end of the decade. It is chiefly a hit-renter, not a hit-owner." They point out that even hits like "House of Cards" and "Orange Is the New Black" are licensed from other companies, they are not owned by Netflix.

Because of Netflix's content strategy, the company is burning through cash to either acquire or produce its own content. While rising debt is a concern, the Barron's piece does point out the large value of the stock (meaning, it's got plenty of equity, which is a good thing).

So what does this mean for Netflix stock? According to Barron's, the risks are piling up and investors should exercise some caution. For Netflix's part, shares are down 1.4% to $169 in Monday's early trading session, compared to the PowerShares QQQ ETF (QQQ) rally of 1.1% and the S&P 500 Trust ETF (SPY) rally of 0.91%.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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