Netflix (NFLX +1.04%) shares sold off following its first-quarter earnings report earlier this month. A combination of factors spooked investors, including a forecast for slower growth in Q2 and news that Netflix co-founder Reed Hastings was stepping down from the company’s board of directors. The decline took the stock from outperforming the market before the report to underperforming it.

With shares in the red year to date and meaningfully trailing the S&P 500, is this a buying opportunity?

Unfortunately, even though the business is still doing great and has a long runway thanks to its pricing power and its fast-growing but still nascent advertising business, I just can’t get behind a bullish outlook for the stock at this price. In…