# Wells Fargo Analyst Downgrades Netflix After Personal Habit Shift

> Wells Fargo analyst Steven Cahill downgraded Netflix after noticing his own viewing habits dropped, sparking a rare conflict with other analysts.
- Title: Wells Fargo Analyst Downgrades Netflix After Personal Habit…
- Summary: Wells Fargo analyst Steven Cahill downgraded Netflix after noticing his own viewing habits dropped, sparking a rare conflict with other analysts.
- Keywords: steven cahill, wells fargo, netflix, stock downgrade, viewing hours, analyst habits, netflix stock, wells fargo securities, netflix earnings, ad revenue, netflix content, netflix stock price
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/09/22/a-wells-fargo-analyst-noticed-he-stopped-watching-netflix-then-told-clients-to-sell
- Author: Omor Ibne Ehsan
- Published: 2026-09-22T16:34:19+00:00
- Read time: 1 min
- Topics: steven cahill, wells fargo, netflix, stock downgrade, viewing hours, analyst habits, netflix stock, wells fargo securities, netflix earnings, ad revenue, netflix content, netflix stock price
## Wells Fargo analyst noticed Netflix habit shift
Wells Fargo senior equity analyst Steven Cahill noticed his own Netflix viewing habits declined after years as a subscriber.
## Cahill downgrades Netflix stock
Cahill formally downgraded Netflix to underperform after observing his personal viewing habits slipped.
## Netflix stock performance
Netflix shares have dropped 40.21% over the past year and 21.76% year to date through september 21, 2026.
## Management response to downgrade
Netflix co-CEO Greg Peters stated there is no linear relationship between view hours and revenue because all hours are not created equal.
## Netflix's content strategy
Management highlighted live events generating six of the top ten new-member sign-up days over the past five years with minimal view hours.
## Stock price and analyst targets
Netflix trades at $73.36, near its 52-week low of $65.08, with a forward multiple of 19x and consensus targets at $93.37.
## What happens next
Watch H2 2026 and Q1 2027 engagement disclosures to see if Netflix's viewing hours growth softens and ad revenue stalls.
## Key takeaway

Wells Fargo analyst Steven Cahill downgraded Netflix after observing his own viewing habits declined, creating a rare conflict with other analysts.