Why Netflix Stock Is Tumbling Today
Shares of Netflix (NASDAQ: NFLX) were sliding today after a Jefferies analyst downgraded the company's stock from a buy rating to hold and cut his price target from $737 down to $415. Making matters worse, the broader stock market is experiencing a massive sell-off today as investors expect the Federal Reserve to raise interest rates in the coming months.
Netflix's stock fell by as much as 11% today and was down by 5.7% as of 1:52 p.m. ET.
Jefferies analyst Andrew Uerkwitz downgraded Netflix's stock and cut its price target, saying that "the best content slate we've seen is doing little" to drive subscriber growth.
Source Fool.com
