The big five US tech companies dropped over $30bn (£23bn) from their market value yesterday as Wall Street struggled to bounce back from a nightmare week.
Netflix recovered slightly after an initial three per cent drop when the share’s target price was slashed by Raymond James and Goldman Sachs.
Raymond James cut the price around 10 per cent to $400 (£304), saying rising interest rates will hit the company’s growth.
Shares in Apple closed down 2 per cent to $217 after Goldman said its earnings might fall due to slowing demand for iPhones in China.
Shares in the FAANGs dropped last week amid a massive sell off.
Raymond James said it is keeping its “outperform” rating for Netflix. It said the company still has “potential for share gains in market and price increases”.
Although large media companies have started pulling shows from Netflix, subscription numbers remain high as customers are drawn to its original content.
A financial downturn which reduced money for original programing would hit Netflix, Raymond James said, however competitors would also be impacted. Bad market conditions will therefore likely maintain the status quo.
The streaming service will announce its earnings on Tuesday, after markets close in the US.