Netflix Viewer Trends 'Look Worrying': Wells Fargo Slashes Target on Stock

Netflix Viewer Trends 'Look Worrying': Wells Fargo Slashes Target on Stock Netflix, Inc. (NASDAQ: NFLX ) shares slid Friday after Wells Fargo turned outright bearish on the streaming leader , cutting the stock to Underweight from Equal Weight and lowering its price target to $57 from $80. The stock traded near $71.66 midday Friday, down roughly 4.8% and well below the prior close of $75.31, according to Benzinga Pro data. The move extends a rough stretch: shares sit close to the low end of a 52-week range of $65.08 to $124.86, with a market cap around $298 billion. NFLX stock is down. See the chart and price action here. What Wells Fargo Said Analyst Steven Cahall’s concern centers on how much time subscribers actually spend watching. “Engagement trends look worrying to us,” Cahall said Friday in a note to clients, per CNBC. “If the opportun...