Netflix Stock Downgraded To Sell By Wells Fargo Over Engagement
· Business · Yahoo Finance, MarketWatch
Netflix stock fell sharply on Friday after Wells Fargo analyst Steven Cahall downgraded the streaming video giant from equal weight to underweight, equivalent to a sell rating. The analyst slashed his price target on the stock from $80 to $57. The downgrade follows concerns regarding waning viewer engagement across the platform. The exact details regarding recent subscriber metrics were not specified in the report. Trading activity for the stock reflected immediate downward pressure during late morning sessions.
Why it matters
The downgrade by a major Wall Street analyst pressures Netflix shares and highlights growing scrutiny over subscriber engagement metrics in the streaming sector.
Read the original report — Yahoo Finance
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