Morgan Stanley slashed its price target on Netflix to $400 per share from $450 per share, but kept its overweight rating on the stock.
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Morgan Stanley slashed Netflix's price target, seemingly adding to the pile of Wall Street analysts and investors that are negative on the streaming company's stock. But the firm is still bullish on Netflix and is refuting "overblown" fears about the company's future. The firm cut its price target on Netflix to $400 per share from $450 per share, but kept its overweight rating, with over 40% upside for the stock in its base case.
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