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