Netflix stock slid for a fourth straight day after Wells Fargo downgraded the company to “Underweight” and cut its price target to $57 from $80, according to market reports.
The downgrade was reported by several outlets, which said Wells Fargo moved the rating from “Equal Weight” to “Underweight” and lowered its price target to $57 from $80 in a note cited by The Fly and picked up by Yahoo Finance and Barron’s.
Market coverage noted the downgrade coincided with a pullback in Netflix shares; Investing.com reported the stock slipped about 2.1% after the Wells Fargo note, leaving the name on track for a fourth consecutive losing session.
Analysts and market wires linked the move to the fresh Wells Fargo rating and the cut in the price target, while broader selling in tech and futures also pressured the market that day.
Short-term context: Reuters and other market-roundup outlets have in recent days highlighted weaker futures and rotation out of high-valuation growth names as factors that can amplify single-stock downgrades; Nasdaq futures were reported to have fallen over 1% earlier in the week, according to a market piece included in recent coverage.
Investors watching Netflix stock should note the Wells Fargo note cut the bank’s target and stance and that several outlets updated premarket movers lists to flag the stock as a top decliner on the downgrade.
Sources
- Yahoo Finance — reported the Wells Fargo downgrade to “Underweight” and the cut in price target to $57 from $80, citing a note picked up by The Fly.
- Investing.com — reported a roughly 2.1% drop in Netflix shares after the Wells Fargo downgrade and noted the stock was heading for a four-day losing streak.
- Barron’s — included the Wells Fargo downgrade and the price-target cut in its market movers coverage.
