Tech wreck: Goldman Sachs cuts Netflix, Roblox and eBay to 'sell' - CNN

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Traders work on the floor of the New York Stock Exchange (NYSE) on April 28, 2022 in New York City.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.
(Photo by Mario Tama/Getty Images) Strategist: We're at peak pessimism (and why that's a good thing) NEW YORK - APRIL 9: A pedestrian carrying an umbrella walks past the New York Stock Exchange April 9, 2003 in New York City.
Rain continued for a second day after New York CIty was blanketed by four inches from a Spring snowstorm.
(Photo by Stephen Chernin/Getty Images) New York CNN Business — Tech stocks have been obliterated this year.

Tech wreck: Goldman Sachs cuts Netflix, Roblox and eBay to 'sell' - CNN

Analyst: Musk leveraging Tesla stock to buy Twitter is like swapping sushi for a hot dog Elon Musk speaks to media in front of Crew Dragon cleanroom at SpaceX Headquarters in Hawthorne, California on October 10, 2019. Traders work on the floor of the New York Stock Exchange (NYSE) on April 28, 2022 in New York City. Richard Quest: Continuing unease of the market is concerning A man walks along a street in a neighborhood of single family homes in Los Angeles, California on July 30, 2021. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. May 4, 2022. REUTERS/Brendan McDermid Expedia CEO: Travel demand will be 'gangbusters' this summer despite rising prices Here's what investors are worried about as retail stocks plunge The Target logo is displayed on shopping carts outside of a Target store on January 15, 2020 in San Francisco, California. Shares of big box retailer Target fell after the company reported that same-store sales during November and December inched up only 1.4%, compared to a more robust growth of 5.7% one year ago. (Photo by Justin Sullivan/Getty Images) Sales are up and prices too. Crocs CEO says brand was 'too cheap' Oil Industry Consultant: 'Can't drill our way out of' Russian oil ban LOS ANGELES, CALIFORNIA - MARCH 28: An oil pumpjack (R) operates as another (C) stands idle on March 28, 2022 in Los Angeles, California. U.S. oil prices fell 7 percent to $105.96 per barrel while Brent crude lost 6.8 percent over demand concerns as China begins to implement a mass COVID-19 lockdown in Shanghai. (Photo by Mario Tama/Getty Images) Strategist: We're at peak pessimism (and why that's a good thing) NEW YORK - APRIL 9: A pedestrian carrying an umbrella walks past the New York Stock Exchange April 9, 2003 in New York City. Rain continued for a second day after New York CIty was blanketed by four inches from a Spring snowstorm. (Photo by Stephen Chernin/Getty Images) New York CNN Business — Tech stocks have been obliterated this year. The Nasdaq is down more than 26%, putting that index in a bear market. Unfortunately for investors, analysts at Goldman Sachs see more pain ahead for some (but not all) tech heavyweights. Goldman Sachs analysts downgraded shares of Netflix (NFLX), eBay (EBAY) and gaming/metaverse giant Roblox to rare “sell” ratings on Thursday. The Goldman Sachs analysts had previously rated these stocks with a lukewarm “neutral.” The analysts said the downgrades were done after they decided “to incorporate a greater probability of a weaker macro environment and solidly lower revenue growth…to reflect broader industry maturation.” In other words, rate hikes, increased competition and the fact that consumers are less worried about Covid and leaving their homes more often instead of sheltering in place are catching up to Netflix, Roblox and eBay. Shares of Netflix and eBay both tumbled 5% Friday while Roblox fell 9%. The Goldman Sachs analysts said they downgraded Netflix due to “concerns around the impact of a consumer recession as well as heightened levels of competition.” They said Netflix is now a “show-me story.” There are growing worries that cash-strapped consumers may find that they are now paying for too many streaming service and need to cut back. Netflix is no longer the only streaming game in town, as Disney (DIS), Amazon (AMZN), Apple (AAPL), Paramount, Comcast (CMCSA) and CNN owner Warner Bros. Discovery all have their own services with exclusive content. Goldman Sachs seems less worried about competition for Roblox, saying it is still “the best positioned company in the gaming/interactive entertainment” business and has good “long-term secular growth opportunities.” But there are “increasing concerns around the post-pandemic environment” for Roblox. The Goldman analysts expect “slowing growth” in the near term. As for eBay, the Goldman Sachs analysts noted that “with the global consumer environment under pressure and eCommerce growth slowing in a post-pandemic world, we see eBay’s…revenue growth at risk, [especially] given its overexposure to international markets.” The Goldman Sachs analysts also reiterated their “sell” rating on another big tech firm: Airbnb. The analysts slashed their target price on Airbnb from $150 to $95. The stock currently trades at about $110. The analysts said that even though “pent-up travel demand…remains a tailwind,” there are concerns about a recession, the stock’s valuation and the possibility of “potential normalization of consumer travel habits” leading to more people staying at hotels as opposed to renting homes when they go on vacation. Still, it wasn’t all doom and gloom from the so-called Vampire Squid about Big Tech. The Goldman Sachs analysts said they were maintaining their buy rating on Amazon (AMZN), Uber (UBER), Facebook owner Meta Platforms, Google and YouTube parent Alphabet (GOOGL), Barry Diller’s internet conglomerate IAC (IAC) and its real estate tech spin-off Angi (ANGI) as well as online dating apps Match (MTCH) and Bumble.
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