This article first appeared on GuruFocus. Netflix (NFLX) shares fell about 4% in Friday premarket trading after Wells Fargo turned bearish on the streaming giant, warning that weakening engagement and a softer content slate could pressure future growth and margins. Analyst Steven Cahall downgraded Netflix to Underweight from Hold and cut his price target to $57 from $80. Is NFLX fairly valued? Test your thesis with our free DCF calculator.NFLX GF Value chart Engagement trends look worrying to us, Cahall said. Netflix shares have already fallen about 20% year to date, but Wells Fargo sees further downside as viewing trends deteriorate. The key concern is how much time subscribers are spending on the platform.
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