Wells Fargo downgrades Netflix to Underweight, cuts target to $57 from $80

Wells Fargo moved Netflix from Equal Weight to Underweight on September 18, 2026, and cut its price target to $57 from $80. The analyst, Steven Cahall, cited weaker engagement and a thinner slate of major originals, and he expects viewing of the top 100 originals to fall sharply in the second half. The shares fell that day, and Wells Fargo cut its 2027 and 2028 EPS estimates to $3.77 and $4.52.

• Rating: Equal Weight to Underweight; target $80 to $57
• Cited engagement risk and a weaker slate of major original series
• 2027 EPS estimate cut to $3.77 and 2028 to $4.52
• Consensus 2027 EPS was $3.82 and 2028 $4.54 at the time of the note