Netflix cut to hold at Citi on fears over revenue and spending

Netflix
NFLX,
+10.70%
was downgraded to neutral from buy at Citi, which kept a $500 price target on the streaming giant. “First, we believe 2024 revenue estimates may be a tad too high. Second, we see scope for 2025 content investments to exceed Street estimates. Third, we cannot rule out potential acquisitions,” said analysts led by Jason Bazinet. Netflix’s stock has climbed 48% over the last 52 weeks, though it’s slipped marginally this year.