Netflix Drops 4.8% as Wells Fargo Cuts Its Target to $57

This article first appeared on GuruFocus. Netflix (NASDAQ:NFLX), the global streaming-entertainment company, fell after Wells Fargo downgraded the stock to Underweight and slashed its price target from $80 to $57. Shares dropped approximately 4.8% to $71.725 Friday, sharpening the market's reaction to concerns around engagement and the strength of Netflix's content pipeline. Warning! GuruFocus has detected 6 Warning Sign with BAC. Is NFLX fairly valued? Test your thesis with our free DCF calculator.NFLX GF Value chart Barron's reported that Wells Fargo analyst Steven Cahall pointed to softer engagement trends and a lack of breakout original programming behind the downgrade. That $57 target sits roughly 20.