HSBC downgrades Netflix as YouTube eats into engagement
TheWrap’s Lucas Manfredi reports HSBC’s Mohammed Khallouf cut Netflix from Buy to Hold and slashed his price target from $96 to $76, citing YouTube’s expanding living room footprint and Netflix’s U.S. TV time share falling to 7.8% in July.
Why it matters. Netflix now needs a breakout original hit to reverse the engagement slide that two Wall Street analysts have tied directly to its falling stock price.
Signal from thewrap.com · Lucas Manfredi · read the original.
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