Netflix lost a Wells Fargo supporter and now carries a $57 price target versus recent $75 trading, increasing selling pressure; the stock sits near its 50-day average $75.76.
The Wells Fargo downgrade cuts one major analyst's support and sets a $57 price target reference below recent trading. That lowers external confidence in the share price and increases selling pressure on Netflix.
Magna had its rating cut to Market Perform and its price target lowered to $70, which reduces analyst optimism for the auto supplier.
Franklin BSP Realty Trust was downgraded from Buy to Neutral, removing a Buy endorsement and trimming sell-side support for the REIT.
Xenon Pharmaceuticals was cut from Buy to Hold and its price target was slashed to $46, signaling weaker analyst confidence in the biotech's near prospects.
Accenture was downgraded from Buy to Neutral, which reduces bullish analyst support even though the stock trades above its 20-day average $186.44.
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