“After what can only be called a shocking 1Q subscriber miss and weak subscriber & financial guidance we reduced our subscriber forecasts and pushed back our profitability forecasts substantially,” Pivotal analyst Jeffrey Wlodarczak wrote in a Tuesday note. The firm downgraded the stock to sell from buy.
In a Wednesday note, Wells Fargo analysts wrote that downgraded the stock to an equal weight that “negative sub growth and investments to reaccelerate revenues are the nail in the NFLX narrative coffin, in our view.”
