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Analysts at Evercore ISI downgraded Netflix, Inc. (NASDAQ: NFLX) Monday from Hold to Sell, and also reduced their price target to $380.
This may have caused Netflix's stock slump of more than 3 percent, while the overall market trades in the green.
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CNBC's Jim Cramer was recently seen discussing why this downgrade doesn't make sense and is driven by analysts missing the boat on the stock.
Bad Decision
"I have trouble with this because this is an analyst who was not recommending it on the way up and it has had one of the absolute great runs and now the competition is chimerical to me," Cramer said.
"This company is on ascendance. Obviously, it's a sign of situation; if you missed it – and this is a new thing I see analysts doing, ‘We missed it; let's go to a sell.' – You know what? You missed it. just say you missed it [...] don't just say [...] ‘Now we really missed it.'"
Analysts, Admit You're Wrong
Cramer continued, "I mean, I find some of the times the analysts are best to say, ‘Hey, you know what? I sat this one out and it has really gotten too far.' Just stick with a Hold. Maybe it comes down, but when you go to the Sell what you are now saying to guys like me is, ‘Hey, I got it wrong. I got it wrong.' You are not getting away with it anymore, because we are going to come out and say, ‘You got it wrong!' It's kind of our role."
Cramer was asked if he disagrees with the fundamental analysis presented by the analyst. He replied "Yes I do."
He also mentioned, "When I see Akamai upgraded today...I always say the same thing which is – this is Netflix driving it."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.