Sell Netflix Stock, Goldman Says. It Has Lost Two-Thirds of Its Value.
Netflix stock was cut to Sell at Goldman Sachs amid the investment bank’s re-evaluation of the internet sector, one that demonstrates just much Wall Street has soured on the streaming giant. The downgrade of Netflix (ticker: NFLX) stock, along with eBay (EBAY) and Roblox (RBLX), will get the attention, as well it should. Netflix, after all, is one of the original FANGs—the acronym created for Facebook now Meta Platforms (META), Amazon.com (AMZN), Netflix, and Google-parent Alphabet (GOOGL)—and it so dominated streaming that it was almost impossible to imagine how other media companies would compete, let alone catch up.