Netflix shares tumble as Goldman downgrades on economic slowdown
Netflix is planning cheaper subscription that includes advertising
By Arghyadeep Dutta
Published - Jun 10, 2022, 03:15 PM ET
Last Updated - Mar 04, 2024, 12:02 PM EST
• Of 48 analysts covering Netflix, 12 rate “buy” or higher, 31 “hold”, and five recommend “sell” or “strong sell”
• Netflix is planning cheaper subscription that includes advertising
Netflix Inc (NASDAQ: NFLX) shares fell more than 6% on Friday after Goldman Sachs downgraded the company, as the streaming giant is facing a slowdown in consumer spending and tough competition from Amazon.com Inc (NASDAQ: AMZN) and Walt Disney Co (NYSE: DIS).
Goldman downgraded the stock to “sell” from “neutral” and slashed its price target to $186 from $265, the lowest among analysts and brokerage firms covering the stock.
