Netflix Stocks Glide As Goldman Downgrades, Cuts Price Target

Updated at 7:08 AM EST

Netflix (NFLX) – Get Netflix Inc Report. stocks slumped lower on Friday after analysts at Goldman Sachs downgraded their ratings and price targets on the online streaming group amid soaring inflation and increasing competition.

Goldman Sachs analyst Eric Sheridan downgraded the stock to ‘sell’, while cutting its price target by $79 to $186 per share, citing broader consumer pressure and a growing number of rivals in the entertainment streaming market.

Netflix lost 200,000 subscribers during the first three months of this year and is expected to lose another 2 million by the end of the second quarter, thanks to what the company says is a combination of rising prices, increased competition, and password sharing, which Netflix estimates in about 100 million households. around the world.

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