Netflix shares fell as HSBC became the second Wall Street firm in less than a week to downgrade the streaming company, citing declining U.S. television viewing share, weaker original programming and competition from YouTube. HSBC cut its rating to Hold from Buy and reduced its price target to $76 from $96, while Wells Fargo recently moved to Underweight and cut its target to $57 from $80. Netflix shares fell as much as 1.7% intraday and are down roughly 23% in 2026, compared with a 14% gain for the S&P 500. HSBC said YouTube accounted for a record 14.2% of U.S. television viewing in July, while Netflix's share fell to 7.8%. Viewing hours for English-language shows on Netflix's weekly Top 10 lists declined about 17% year over year in July and August. HSBC also raised its 2027 and 2028 content-spending estimates by about 2% while cutting its earnings-per-share forecasts by roughly 6% to 9%. Netflix is scheduled to report third-quarter results on October 20. The broader analyst community remains positive, although published consensus figures differ, with one tally showing a Strong Buy rating and an average price target of $94.34. Investors are also assessing Netflix's advertising expansion, live programming, micro-dramas, buybacks, cash generation and other growth initiatives.