After plunging over 35% following the company’s first subscriber loss in over a decade, shares of streaming giant Netflix were hit with a wave of downgrades from Wall Street analysts on Wednesday
on Wednesday morning after the company reported that it lost subscribers last quarter—for the first time in over a decade, which it blamed on password sharing and increased competition from rival streaming services.
Bank of America double-downgraded the stock and reduced its share price target to $300 from $605, while several other firms also slashed estimates by more than half, including JPMorgan, Wells Fargo and Pivotal.
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