Netflix has crashed 21%, dropping below $400 after trading at $510 yesterday and at $700 two months ago, after the streaming-video company’s first-quarter subscriber outlook missed estimates, sparking panic over slowing growth. Several Wall Street firms cut the stock and slashed price targets, though long-term bear Benchmark upgraded the shares. As Bloomberg notes, Netflix’s consensus rating – a proxy for its ratio of buy, hold, and sell ratings – stands at 4.08 out of five, compared with 4.27 over the weekend. Meanwhile, the average price target has dropped to $552 (with 30 buy recos)… … down from about $653 […]
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