Netflix Stock Slides As Goldman Lowers Rating To 'Sell'

Netflix shares slumped lower after analysts at Goldman Sachs lowered their rating and price target on online streaming group amid surging inflation & heightened competition.

Goldman Sachs analyst Eric Sheridan lowered his rating on the stock to 'sell'...

while slashing his price target by $79 to $186 per share..

citing broader consumer pressures and the increased number of rivals in the entertainment streaming market.

Netflix lost 200,000 subscribers over the the first three months of the year and expects to lose another 2 million by the end of the second quarter,

thanks to what the company said was a mix of rising prices, increasing competition and password sharing, which Netflix estimated at around 100 million households world wide.

"We have concerns around the impact of a consumer recession as well as heightened levels of competition ...

and view Netflix as a show-me story with a light catalyst path," Sheridan said. "We modestly lower our paid streaming subs across every region.”

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