Netflix is trading 3.21% down at $72.89 in pre-market after Wells Fargo downgraded the shares to Underweight from Equal Weight and cut its price target to $57 from $80.
- The bank cited weakening user engagement, rising content costs, and uncertainty around monetizing live sports.
- Major U.S. indices were modestly higher, but the company-specific downgrade likely outweighed the constructive broader market backdrop.
- Netflix’s next scheduled financial-results announcement is October 20, 2026; no new earnings release appears to explain the September 18 move.