Netflix Drops After Wells Fargo Downgrade Flags Weaker 2026 Originals

Netflix shares fell about 4.7% after Wells Fargo downgraded NFLX to Underweight, citing a weaker second-half 2026 content slate and an expected 21% year-over-year drop in hours from Netflix’s top 100 originals; Wells Fargo cut its price target to $57 from $80, while the 12-month average target sits around $93.88. The downgrade comes as NFLX skews lower in a broader market, with Evercore ISI recently raising its target to $110, underscoring mixed sentiment while Netflix faces ongoing engagement and content concerns. NFLX is on track for a fourth straight session of losses and a third weekly decline in September.