BUZZ - Wells Fargo downgrades Netflix stock, calling its outlook “more complicated,” and Netflix shares drop in response

September 18 - ** Netflix shares fell 3.1% in pre-market trading to $72.98

** Wells Fargo downgraded the stock from "Neutral" to "Underweight"; the target price was lowered from $80 to $57, representing a 24.3% downside from the previous trading day's closing price

** The bank attributed the downgrade to a decline in viewership and believes that NFLX now has "a more complex outlook" and "will face tougher decisions ahead," including restructuring content spending, licensing third-party content (including live sports), and mergers and acquisitions

** "We believe the stock needs blockbuster content to resume its upward trend," Wells Fargo said

** As of the previous trading day's close, the stock had dropped over 19% year-to-date

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