5 Internet Stocks Downgraded by Goldman Sachs Today -Breaking
By Senad Karaahmetovic
Goldman Sachs analyst Eric Sheridan cut ratings on the five companies in the firm’s Internet research coverage.
Shares of Goodrx (NASDAQ) were downgraded by the analyst to Neutral (Buy), as well as Netflix and Roblox (NASDAQ). Frontdoor (NASDAQ 🙂 and eBay (NASDAQ 🙂 to Buy from Neutral
On Netflix, the analyst has concerns “around the impact of a consumer recession as well as heightened levels of competition on demand trends (both in the form of gross adds and churn), margin expansion, & levels of content spend and view NFLX as a show-me story with a light catalyst path in the next 6-12 months.”
Netflix stocks are now priced at $186.00, down from $265.00
Sheridan’s concerns about Roblox are tied to the post-pandemic environment. The analyst expects “a continuation of slowing growth, tough comps, & normalization of margins in the near-term and as such.” Roblox price target is cut to $28.00 per share from $39.00.
Goldman Sachs analysts also reiterated their Sell ratings for Airbnb (NASDAQ) and UbiSoft, (OTC).
Sheridan and colleagues, on the other hand are much more optimistic about Amazon (NASDAQ;), Uber (NYSE :), Meta Platforms NASDAQ:), Alphabet (NASDAQ 🙂 and Alphabet (NASDAQ :). He also reiterated his Buy rating on IAC/InterActiveCorp, ANGI and Match Group (NASDAQ) The Bumble (NASDAQ:).
Amazon was once again ranked as a top pick for 2022.
“We view current levels as fully reflective of investor concerns on both revenues & profitability into 2022 & view AMZN exposed to a number of broader secular growth themes,” Sheridan commented.