Citi Cuts Netflix Price Target to $85 Following Wave of Wall Street Reductions

Citi has cut its Netflix price target to $85 from $100, marking the latest in a series of downward target revisions across Wall Street. The move follows reductions on Oct. 21, when BofA Securities lowered its target to $90 from $105, MoffettNathanson cut its target to $90 from $100, and Evercore ISI reduced its target to $90 from $110 while maintaining its rating. Guggenheim and Rosenblatt also trimmed targets by $2 and $4, respectively. The wave of cuts began Oct. 19 with Seaport Research lowering its target to $90 from $102 as shares fell 1.61%.