Netflix stock falls 2% after Wall Street downgrade on growth concerns

News Snapshot:

Netflix (NFLX) stock took a hit on Friday following a Wall Street downgrade that cited growth concerns. Shares of the streaming giant slid 2% after Wolfe Research downgraded the stock to "Peer Perform" from "Outperform" amid fears that the potential rewards of the company's revenue initiatives, like paid sharing and an ad tier, won't outweigh the risks surrounding its future growth. Wolfe Research analyst Peter Supino, who also removed his $500 price target on the stock, said although the company should continue to gain share of global premium video revenue amid its "massive" longer-term advertising initiatives, the company's 2024 to...