Wells Fargo downgrades Netflix, cites falling viewership and thinning hits
Wells Fargo cut Netflix to underweight and slashed its price target to $57 from $80, implying 24% downside. The bank cites falling per-subscriber viewing hours and a heavy reliance on a shrinking pool of Top 100 titles for engagement.
Why it matters. Netflix now has to prove it can still produce watercooler hits, since Wells Fargo says breakout titles are a must for the stock to work again.
Signal from cnbc.com · Liz Napolitano · read the original.
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