Netflix shares fell sharply following a Wells Fargo downgrade to underweight, with the firm cutting its price target to 57 from 80 amid concerns regarding declining viewer engagement.
Wells Fargo downgraded Netflix to underweight and slashed its price target from 80 to 57, reflecting bearish sentiment on waning viewer engagement.
Netflix shares tumbled Friday after Wells Fargo analyst Steven Cahall downgraded the streaming giant to underweight from equal weight. The firm slashed its price target to 57 from 80, citing concerns over waning viewer engagement as a primary driver for the bearish outlook.
Wells Fargo downgraded Netflix to underweight due to concerns regarding waning viewer engagement.