Why Goldman Sachs and Raymond James Downgraded Netflix

Netflix stock (NFLX) declined 1.89% on October 15 after Goldman Sachs and Raymond James slashed their price targets on Netflix on concerns of rising interest rates. Netflix stock has not been doing well recently. Amid heavy selling in Netflix along with many major tech stocks and broader market indexes, Goldman Sachs and Raymond James have cut their 12-month price target forecasts on Netflix, as they fear that the rising interest rates will erode the streaming giant’s valuation.