Netflix Slips as HSBC Downgrades Stock to Hold on YouTube Competition

Netflix shares fell after HSBC downgraded the stock to Hold from Buy, cutting its price target to $76 from $96. The downgrade reflects mounting pressure as Alphabet's YouTube captured a record 14.2% of U.S. TV viewing time in July, while Netflix's share fell 100 basis points to a multi-year low of 7.8%. The action follows a recent downgrade from Wells Fargo to Underweight with a $57 target. Netflix stock closed at $72.16 on September 22, down 11% in September and 23% year-to-date.