Wells Fargo downgraded Netflix, Inc. (NASDAQ:NFLX) to Underweight from Equal Weight on September 18 and cut its price target to $57 from $80, about 24% below where the stock closed the day before. The downgrade extended a slide that was already three sessions old, and the stock is now down more than 20% for the year, on course for its worst year since 2022. Analyst Steven Cahall's case is simple. People are watching less Netflix than they used to, and the shows coming in the second half of the year are unlikely to change that. "Engagement trends look worrying to us," he wrote.Wells Fargo Cuts Netflix (NFLX) to Underweight as its 2026 Slide Deepens Netflix is Still Adding Households and New Ways to Make Money: The bull case starts with reach.
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