Netflix Inc. shares fell 5 percent on Friday after Goldman Sachs downgraded the streaming pioneer over risks of slower consumer spending and tough competition from Amazon and Walt Disney Co.
In April, Netflix lost subscribers for the first time in more than a decade, signaling trouble ahead for the industry as rising prices of food and gas left people with little to spend on entertainment.
Suspending its services in Russia after the Ukraine invasion also took a toll on Netflix.
Goldman downgraded the stock to “sell” from “neutral” and slashed its price target to $186 from $265, the lowest PT among analysts covering the stock, according to data from Refinitiv….