Netflix Shares Tumble After Streaming Giant Downgraded by Wells Fargo Analyst

10:21 AM EDT, 09/18/2026 (MT Newswires) -- Netflix (NFLX) shares were down 4.3% Friday morning after Wells Fargo Equity Analyst Steven Cahall downgraded the company to underweight, citing concerning engagement trends. "Netflix's engagement trends are worrying as time spent on key Top 100 Originals may decline at an accelerating rate," Cahall said. "We think the strategy to focus on middle-tail engagement, including gaming, video podcasts & reality, risks higher churn, especially in [the US and Canada]. The result may be a studio/content pivot, less margin expansion and/or M&A." Price: 72.02, Change: -3.29, Percent Change: -4.37