HSBC Cuts Netflix; Builders Get Double Upgrade

HSBC downgraded NFLX from Buy to Hold today. The bank slashed its target from $96 to $76 — a 21% cut. Netflix carries a $305 billion market cap and short interest of just 2.1% of free float. The call stands out against a broadly bullish Wall Street consensus of 35 Buy ratings.

The session also brought a coordinated upgrade across construction aggregates. VMC and MLM both received upgrades, with consensus target prices lifted to $325 and $659 respectively. Both companies supply crushed stone and aggregates for infrastructure projects. The dual move suggests analysts see improving conditions for US construction spending.

Allstate ALL saw its consensus target price nudge up to $276, a small but positive revision across its analyst panel.

In semiconductors, Lam Research saw multiple simultaneous changes from different brokers. Microchip Technology MCHP had its target trimmed marginally to $107.84. Amphenol APH got a Buy reiteration from BNP Paribas with a raised target of $110.

The aggregates double-upgrade is the most notable pattern of the day. Infrastructure spending momentum may be driving renewed confidence in materials names.